MOTHERCARE is planning to close 50 stores in a bid to save the “struggling firm”, according to reports.
The High Street chain will reportedly make the announcement tomorrow with fears hundreds of jobs could be axed.
Alamy Mothercare is planning to announce the closure of 50 stores in the UK
The store is also planning to re-hire chief executive Mark Newton-Jones after he was sacked just 36 days ago, Sky News reports.
He was ousted by chairman Alan Parker, who has now left himself.
The move forms part of a restructuring plan that will see 50 shops shut – a third of all its 137 stores in the UK.
The closures would trigger job losses – but Sky reports fewer than 1,000 of Mothercare’s 3,000 work force would be affected.
It was announced last month the chain was hoping to cut costs by entering a company voluntary arrangement (CVA) – allowing it to pay off debt while still trading.
It is the latest High Street favourite forced to close stores in recent months – with New Look, Carpetright, House of Fraser, Prezzo, Byron and Toys R Us UK all announcing closures.
Mothercare did not wish to comment.
More to follow…
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