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Mothercare to close 50 more stores in restructuring plan
17 May 2018, 03:49 | Anna Jefferson
Mothercare to close 50 stores putting Kent jobs at risk
The baby chain, which will lay out details of the overhaul in its results on Thursday, ditched Mr Newton-Jones as chief executive last month, with then-chairman Alan Parker having said although he had "done a good job, we think we can do even better going forward".
As part of its restructuring plan the parenting retail chain confirmed that a further 21 stores will see a rent reduction.
The closures, which is expected to result in around 800 job losses, will be carried out through a company voluntary arrangement (CVA) - a move which allows companies to close loss-making shops and secure rental discounts.
Newton-Jones' replacement as CEO David Wood, a former Tesco (TSCO.L) executive, will become group managing director.
The company further added that the United Kingdom restructuring plan will involve an accelerated reduction of the United Kingdom store estate to reduce losses and rent liabilities and will be effected through the CVA Proposals.
Over the previous year Mothercare's shares have sunk by 83 percent.
Mothercare has announced that 50 stores across the country are to close which could include the Isle of Wight’s only store in Carisbrooke
Mothercare chairman Clive Whiley said: "These measures provide a solid platform from which to reposition the group and begin to focus on growth, both in the United Kingdom and internationally".
It is not clear which Mothercare stores are under threat from its restructure plans, which includes a refinancing package worth £113.5 million.
Branding is seen outside a Mothercare store in Altricham, Britain, May 16, 2018.
"The recent financial performance of the business, impacted in particular by a large number of legacy loss making stores within the United Kingdom estate, has resulted in an unsustainable situation.meaning the group was in clear need of an appropriate resolution", said interim executive chairman Clive Whiley.
'These comprehensive measures provide a renewed and stable financial structure for the business and will drive a step change in Mothercare's transformation. Previous year it recorded a small operating profit after savings made from the closures of its Blackrock and Jervis Street stores in Dublin and the Cruises Street shop in Limerick.
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