Uncertain Future For Isle Of Wight Mothercare Store

Mothercare stores closing

The closures could save the company £10 million a year, as well as rent reductions being implemented in a further 71 stores. Mothercare has 13 stores in the region: Manchester Fort, Crown Point Denton - which has already lost its M&S Outlet this year - Stockport, Macclesfield, Altrincham, Warrington, Blackburn, Prescot, Preston, Aintree Racecourse Retail Park, Bromborough, Chester and Llandudno.

Shares in Mothercare were up 4.8 pence at 26.6 pence at 0832 GMT, valuing the business at 46 million pounds.

He told Express.co.uk: "Allowing a business to continue trading and its existing management to retain control, CVAs are sometimes viewed as a more attractive option than other methods of insolvency, such as pre-pack administrations".

LONDON, May 17 (Reuters) - Britain's Mothercare, the struggling mother and baby products retailer, said it would close over a third of its stores as part of a survival plan that also sees the return of the chief executive who abruptly departed just five weeks ago.

This is not the first time Mothercare has struggled, with the retailer closing nearly half of its stores across the United Kingdom in the last five years.

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"This in turn could force local councils to increase business rates to make up for revenue shortfalls". However, we had no alternative to executing a CVA.

The firm's sales and profit have been hammered by intense competition from supermarket groups and online retailers in its main United Kingdom market as well as by rising costs, resulting in what it called "a perilous financial condition".

Parker was instrumental in ousting Newton-Jones, but the former chief executive will now resume his role due to the leadership of interim executive chairman Clive Whiley. Its shares have lost 83 percent of their value over the past year.

This is made up of a proposed equity capital raising of £28m expected to be launched in July 2018, a revised committed debt facilities of £67.5m, new £8m shareholder loans from certain of the company's largest shareholders and a new debtor-backed facility of up to £10m from one of the company's trade partners.

Shoppers and retail experts are unsurprised by the company's decline. "Poor customer service. Overpriced clothing with generic designs".

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