Saturday, 17 November, 2018


Jobs under threat as Mothercare set to close stores across the UK

British high street stalwart Mothercare is to shit 50 of its stores across the UK in a radical restructuring plan to save the mother and baby products retailer Jobs under threat as Mothercare set to close stores across the UK
Conrad Doyle | 17 May, 2018, 15:05

The company has not announced which stores will close, but has confirmed 800 jobs throughout the United Kingdom will be affected.

The surprise move will form part of a bold restructuring plan that will see Mothercare shut 50 shops - more than one-third of its 137-strong United Kingdom portfolio ‎- within 12 months; announce an extension of its borrowing facilities with its lenders; tap shareholders for more than £35m in new equity; and secure backing from pension stakeholders for revised funding arrangements. It expects to have a total store portfolio of 78 by 2020, down from the current 137 stores.

The company is not yet saying which stores will close.

Mothercare said it would not confirm which stores are to close until after all staff have been informed.

"Of course we regret having to close stores and the impact this will have on colleagues".

Chairman Clive Whiley said: '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 for the Mothercare brand, meaning the group was in clear need of an appropriate resolution.

Sky News‎ has learnt that the struggling retailer will announce alongside its full-year results that Mark Newton-Jones is to rejoin it just 36 days after his unexpected exit.

The retail giant said on Monday that it had been working on a comprehensive restructuring and refinancing package. The company will disclose details of the restructuring plan along with full year earnings on Thursday a source said

Working capital from Mothercare's worldwide franchise partners will also be part of the package.

Interim executive 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".

"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".

Already this year Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality have moved into administration, while fashion retailer New Look and floor coverings retailer Carpetright are closing stores. Former Tesco executive David Wood who had taken on the chief executive role and is just over a month into the job, will become group managing director.

Retailers across the board have been battered by weak consumer confidence off the back of soaring Brexit-fuelled inflation.

That includes £28 million it is seeking to raise from shareholders, an extension of its existing debt to £67.5 million, and £18 million in shareholder and trade partner loans.

Recommended

loading...
...

NDMC ranked cleanest small city in cleanliness survey NDMC ranked cleanest small city in cleanliness survey Swachh Survekshan aims to estimate levels of cleanliness across cities in the country. This year's survey saw the participation of around 4,200 cities.

BT Plus will grant you unlimited mobile data when your Wi-Fi goes down BT Plus will grant you unlimited mobile data when your Wi-Fi goes down Little details like EE's offer of gifting up to 20GB of your 4G allowance to other family members is a nice touch. Allera said: "We made some tough choices last week, but we are reinvesting in networks and customer services".

Youtube will start crediting musicians properly in their videos Youtube will start crediting musicians properly in their videos According to Google, the feature is created to help users identify songs in videos that they have stumbled upon and instantly liked.

Italy great Buffon to leave Juventus Italy great Buffon to leave Juventus He won Serie A nine times and the Coppa Italia five times, while he also lifted the UEFA Cup with Parma in 1999. I was always be grateful to all of you forever.

Reliance Communications shares surge 38% Reliance Communications shares surge 38% The company in a press release said it would decide the next course of action after studying the detailed orders of NCLT. In December 2017, Reliance Jio agreed to buy a majority of the wireless assets of RCom for an undisclosed amount.

Instagram CEO Confirms Usage Insights Feature Being Developed Instagram CEO Confirms Usage Insights Feature Being Developed It seems Instagram is ready to embrace the impact of the reduction in usage as soon as such a tool goes live for users. Systrom says Instagram wants the time spent within the app to be "positive and intentional".

Distant galaxy opens door to 'uncharted period of cosmic history' Distant galaxy opens door to 'uncharted period of cosmic history' There is renewed optimism we are getting closer and closer to witnessing directly the birth of starlight. The oxygen in MACS1149-JD1 was the most distant ever detected.

Utah Tesla driver had hands off wheel before crash Utah Tesla driver had hands off wheel before crash It's now your nearly weekly reminder that you need to stay attentive on Autopilot and that rules of the road still apply. The driver engaged Autosteer and Traffic Aware Cruise Control on multiple occasions during this drive cycle.

The Nintendo Classic is coming back, and for a cheaper price The Nintendo Classic is coming back, and for a cheaper price All these and more will be available with the return of the NES Classic to store shelves on June 29. Both gaming systems were a hit when they were first released.

Senate passes measure repealing changes to net neutrality rules Senate passes measure repealing changes to net neutrality rules Schumer responded, "low bar" and the lawmakers laughed. 47 of the Senate Republicans voted to keep FCC's decision in place. He said Democrats would try to make it a campaign issue if Republicans will not allow a vote.

Starbucks To Foray into China Starbucks To Foray into China Consumers also are shopping more at home, shunning brick-and-mortar retail for e-commerce. It's bringing a new line of pre-made cold tea and coffee to China next month.

Upset Donut Shop Customer Defecates on Floor, Flings Her Feces at Employees Upset Donut Shop Customer Defecates on Floor, Flings Her Feces at Employees Holly Largy confirmed that officials were called regarding the incident and the woman was arrested and and released. While the video has no sound, it shows the woman confronting the cashier and getting more and more irate.

Nunes post fight press conference comments about Pennington's corner weren't good Nunes post fight press conference comments about Pennington's corner weren't good Kutz also said that he was unaware of the extent of the leg injury Pennington sustained early in the bout, via Nunes' leg kicks. Pennington also revealed on the MMA Hour that her coaches are "struggling" to handle the fallout from UFC 224's controversy.

Honda to launch Civic, CR-V in H2 of FY2018-19 Honda to launch Civic, CR-V in H2 of FY2018-19 Another highlight of the cabin is the Digipad 2.0 touchscreen infotainment unit that supports Apple CarPlay and Android Auto. Although both the cars are powered by a 1.2-litre petrol engine, the Amaze leads the Xcent in terms of power by 7PS.

United States imposes sanctions on Hezbollah leadership United States  imposes sanctions on Hezbollah leadership The deputy chief of Hezbollah, Sheik Naim Qassem, casts his ballot during Lebanon's parliamentary elections in Beirut, Lebanon, May 6, 2018.