EXCLUSIVE Leaked list shows Lynn Mothercare closing

EXCLUSIVE Leaked list shows Lynn Mothercare closing

Mothercare also said it was re-hiring the chief executive it sacked just weeks ago as part of a wide-ranging shake-up.

It is the latest twist in the boardroom drama at Mothercare, which saw Mr Newton-Jones leave on 4 April to be replaced by former Tesco (Frankfurt: 852647 - news) executive David Wood - on a basic salary of £430,000.

Parker himself abruptly retired on April 19 and was succeeded by interim executive chairman Clive Whiley.

Mother and baby products retailer Mothercare said that it will close 50 stores as part of restructuring of the United Kingdom store portfolio.

Sadly that means jobs will also be lost here in West Norfolk as well.

However, according to the leaked list, the city's new store at Marsh Mills is still set to go ahead. The potential for the Mothercare brand in the United Kingdom, benefitting from a restructured store estate, and internationally remains significant.

Mothercare Ireland is one of the original partners of the Mothercare International Group, and is now the fifth-largest partner in the world.

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.

Stores in Plymouth, including its Early Learning Centre, are reportedly among those to close within the next 12 months, as is Mothercare in Exeter.

Mothercare's restructuring would see it shrink from 137 United Kingdom stores now to 73 by 2022 - down from a network of more than 400 in 2017. The new plan would see it trade from 78 United Kingdom stores by 2020.

The retailer has almost halved its United Kingdom store numbers over the past five years and although it had meant to have 92 stores by 2023, the latest closures will shrink that figure to 73.

Shares in Mothercare were up 5.4 pence at 25.4 pence each by yesterday afternoon, valuing the business at £46m.

"These comprehensive measures provide a renewed and stable financial structure for the business and will drive a step change in Mothercare's transformation".

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