Mothercare stores to close as rescue plan backed
Creditors of struggling mother and baby products retailer Mothercare have backed a restructuring plan that will lead to the closure of 50 stores.
The closures will be carried out through a company voluntary arrangement (CVA), which has been approved by the required majority of creditors.
Under the CVA, Mothercare will also raise £28m through issuing new shares.
The retailer said it continued to trade and would not be going into administration.
Last month, the firm said it was in a "perilous" financial position and confirmed that its rescue plan would involve closing 50 stores, a... read more
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