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09 July 2018

Mothercare to close 60 stores in turnaround plan

Baby product retailer Mothercare has announced it will close 60 stores by June 2019 as part of its plan to revive its fortunes.

The store has also announced proposals to raise £32.5m through a share placing, with new shares placed to existing shareholders at 19p a piece.

Roy Kaitcer, Investment Manager, Redmayne Bentley, said: “This is a must for Mothercare as it looks to survive in a much smaller format in a continuing difficult retail environment, and against tough competition from major retailers such as Asda and Tesco.

“Current UK trading is very challenging but Mothercare has reported it is seeing some stability in its international operations.”

Ends

Please note, this comment does not constitute a recommendation to buy or sell shares in Mothercare.
 
 
Mothercare to close 60 stores in turnaround plan
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