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Mothercare to close 60 outlets

Mothercare to close 60 outlets

  • 9 July 2018
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Image copyright PA

Struggling mother and baby products retailer Mothercare says it will shut 60 stores by June 2019, instead of the 50 previously earmarked for closure.

The closures will put 900 jobs at risk, up from the 800 previously stated.

The company has not yet given details about which stores will close as it is talking to the staff affected.

Mothercare also confirmed that it would be raising another £32.5m from its existing shareholders by issuing new shares.

The chain's chief executive, Mark Newton-Jones, told the BBC's Today programme that its UK business had suffered from a lack of investment and "hadn't had a lick of paint" in recent years.

However, its rescue plan would now allow it to modernise as a retailer.

He said: "We will really be able to speed up the transformation, and by God we need to speed up the transformation, because the retail landscape is pretty brutal at the moment."

Mr Newton-Jones added that Mothercare had "grown prolifically" outside the UK, with two-thirds of the retailer's turnover now coming from overseas.

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