Mothercare Set to Close on the Isle of Wight
Mothercare on the Isle of Wight is about to face the chop as the company faces a bleak future with growing and pressing financial stresses upon the business. The full list of Store to close is: Inverness, Kirkcaldy, Fort Kinnaird, Coatbridge, Bangor Northern Ireland, Londonderry, North Shields, Doncaster, Bradford, Rotherham, Crystal Peaks, Llandudno, Stockport, Macclesfield, Stafford, Walsall, Denton, Blackburn, Bedford, Kings Lynn, Grafton Cente Cambridge, Clacton, Holloway Road, Bexleyheath, Hounslow, Wandsworth, Brixton, Sutton, Croydon 187, Colliers Wood, Eltham, Bromley, Maidstone, Brighton, Worthing, Guildford, Aldershot, Portsmouth, Newbury, Reading 246, Salisbury, Newport Wales, Weston Super Mare, Yeovil, Exeter, Plymouth (although a relocation is planned), and Newport Isle of Wight, plus Early Learning Centres in Plymouth and Harrogate. The restructuring plan won the support of creditors who recently backed a company voluntary arrangement (CVA). A statement on the Mothercare company website has addressed the restructuring plans. Mothercare faced a bleak future with growing and pressing financial stresses upon the business. We have worked tirelessly as a team to get to where we are today and this fully underwritten equity issue marks the end of this initial phase, returning the Group to financial stability. “This could not have happened without the support of all of our stakeholders for which we are very grateful.” Mark Newton-Jones added in the statement: “Alongside the fundraising, we have been very busy on numerous fronts to restructure the Group for future profitability. “Whilst the lack of full approval for the Childrens World CVA was disappointing, we have now found a solution which allows us to go further and faster with the right-sizing of our store portfolio. “We have also identified significant areas for further efficiencies and cost savings, which will underpin our return to a sustainable future.” Mothercare UK closing down stores store closures shutting full list
