Mothercare has announced that 50 of its remaining 137 stores are set to close in a bid to restructure the company.
As part of its restructuring, Mothercare has also arranged a refinancing package worth up to £113.5m, which includes £28m raised through issuing new shares, and an extension of its existing debt arrangements.
In a statement, Mothercare said: "Recent financial performance, impacted in particular by a large number of legacy loss making stores within the United Kingdom estate, has resulted in a perilous financial condition for the group".
This is not the first time Mothercare has struggled, with the retailer closing nearly half of its stores across the United Kingdom in the last five years.
Mothercare said in a statement: "Recent financial performance, impacted in particular by a large number of legacy loss making stores within the United Kingdom estate, has resulted in a perilous financial condition for the Group". "Since my appointment, my priority has been to galvanise support from all of our stakeholders and provide a solution to the short-term problems facing the company", says Whiley.
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'These comprehensive measures provide a renewed and stable financial structure for the business and will drive a step change in Mothercare's transformation.
The store estate restructuring is expected to result in a GBP10 million cash inflow and cost savings of GBP5 million. "However, there remains much to do and we must maintain a disciplined focus".
The mother and baby retailer will see 50 stores close within the year.
Earlier this year, toy store chain Toys R Us collapsed into administration, as did electronics retailer Maplin. It will have just 78 by 2020, down to 72 two years after that.
Mothercare's shares had lost 83 percent of their value over the a year ago but rose as much as 34 percent on Thursday after the firm detailed a 113.5 million pounds refinancing, including a 28 million pounds equity raise, and said Mark Newton-Jones would return as CEO.