EXCLUSIVE Leaked list shows Lynn Mothercare closing
EXCLUSIVE Leaked list shows Lynn Mothercare closing
The boss of Mothercare in the UK returned to work today but with a £132,000 pay cut
18 May, 2018, 14:56
Under the planned restructuring - through a UK-administered "company voluntary arrangement" (CVA), which prevents the firm from going into administration - ailing Mothercare will cut rents at 21 stores, in addition to the planned closures.
Mothercare confirmed that it plans to close 50 stores as part of a rescue plan. Its earnings plummeted to a pre-tax loss of £72.8 million pounds (Dh361m) in 2017, from £7.1m profit the previous year.
Mother and baby products retailer Mothercare said that it will close 50 stores as part of restructuring of the United Kingdom store portfolio. Alshaya said the restructuring would have no impact on BHS stores in the Middle East.
But in an alleged "leaked list", it has been revealed Portsmouth could be one of the sites earmarked to lose its branch.
"The business was in an unsustainable situation and was in clear need of an appropriate resolution and today's comprehensive measures provide a renewed and stable financial structure for the business, and will allow Mothercare to accelerate its adaptation to the shifting dynamic towards online".
Mothercare has remained tight-lipped over the possible closure of its stores in Northern Ireland. "However, there remains much to do and we must maintain a disciplined focus on cost control and cash generation throughout the business, but 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".
Sky News understands that the salary cut is a reflection of the struggle facing the business, many of whose staff are facing an uncertain future after the announcement of the store closure plan.
The Irish business exited an examinership in October 2015 that resulted in three stores being closed at Blackrock and Jervis Street in Dublin and Cruises Street in Limerick and significant rental reductions being achieved. In 2015 the unit was subdivided and fellow retailer Smyths Toys took 15,000 sq ft of space. With no sign of a deal, Rotherham-based retailer Maplin is also set to close its Parkgate store.
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