Mothercare has confirmed it’s to close 50 stores as part of a plan to return the firm to a “more stable footing”.
The parent and child retailer, which says it’s in a “perilous” financial position, operates 12 stores across the North West.
Alongside the 50 store closures, rent reductions have been agreed with landlords on a further 21 stores.
It has not been revealed which branches are to be closed.
The retailer’s 12 outlets here in the North West are in Macclesfield, Stockport, Altrincham, Manchester, Denton, Warrington, Prescot, Preston, Blackburn, Chester, Bromborough and Aintree.
According to Mothercare chairman Clive Whiley, the company has not moved “far or fast enough” to keep up with changing shopping patterns, whilst the “continued decline” of high street footfall and the group’s “inflexible and deep store cost base” has presented “significant and worsening challenges” to the business model.
A statement released today by Mothercare reads: “Recent financial performance, impacted in particular by a large number of legacy loss making stores within the UK estate, has resulted in a perilous financial condition for the group.
“Given the financial position, the board instigated a full financial review. The financial review concluded that delivering the refinancing and the UK restructuring represent the most viable option to establish a sustainable future for Mothercare.”