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Tag: Mothercare

All Mothercare UK stores to close

All Mothercare UK stores to close

Business
Troubled baby goods retailer Mothercare has called in administrators, putting 2,500 UK jobs at risk.There will be a phased closure of all of its 79 UK stores, administrators from PwC said.The UK firm "has been loss-making for a number of years", but international franchises are profitable, PwC said.On Monday the baby goods firm said it was "not capable" of being sufficiently profitable and that it had failed to find a buyer.Joint administrator Zelf Hussain said: "This is a sad moment for a well-known High Street name," adding that Mothercare "has been hit hard by increasing cost pressures and changes in consumer spending.""It's with real regret that we have to implement a phased closure of all UK stores. Our focus will be to help employees and keep the st...
Mothercare UK administration plan threatens 2,500 jobs

Mothercare UK administration plan threatens 2,500 jobs

Business
Baby goods retailer Mothercare has said it plans to call in administrators to the troubled firm's UK business, putting 2,500 jobs at risk.Mothercare said its 79 UK stores were "not capable of returning to a level of structural profitability and returns that are sustainable for the group"."Furthermore, the company is unable to continue to satisfy the ongoing cash needs of Mothercare UK," it added.It said stores would continue to trade as normal for the time being.Also affected is Mothercare Business Services Limited (MBS), which provides certain services to Mothercare UK.'Necessary step'Mothercare has already gone through a company voluntary arrangement (CVA), which allowed it to shut 55 shops."These notices of intent to appoint administrators in respect o...
Mothercare recovery falters as it plots UK spin-off

Mothercare recovery falters as it plots UK spin-off

Business
By John-Paul Ford Rojas, business reporter Mothercare has revealed its battle to turn around its fortunes is proving tougher than expected as it confirmed plans for "evolving and optimising" the ownership of its UK business.The beleaguered retailer reported a 3.2% fall in first quarter like-for-like sales amid an "uncertain and volatile" market and "fragile consumer confidence". It said that against this backdrop and the need for continued discounting, profit margin improvements were "expected to take longer than previously anticipated" and annual profitability was set to show no improvement on the previous year - when it reported a pre-tax loss of £66.6m.Shares fell 11% in early trading.The update came hours after Sky News revealed that Mothercare was