Mothercare boss to return in shock U-turn as retailer plans store closures

Mothercare has stores in Newtownabbey Lisburn Newry Bangor and Londonderry

Mothercare has stores in Newtownabbey Lisburn Newry Bangor and Londonderry

As part of the rescue plans the company is also going to re-hire the chief executive it sacked just over a month ago.

Mothercare is set to close 50 stores, putting 800 jobs at risk.

Mothercare employs about 3,000 people across 137 outlets.

Thomas Markle Jr, the brother of Ms Markle, visited Windsor Castle to see where his sibling will marry Prince Harry.

The man that had been brought in to replace him, David Wood, will now become managing director.

The latest change at the top, first reported by Sky News, will be revealed alongside details of Mothercare's substantial restructuring, which it is undertaking in a bid to avoid becoming the latest high street name to collapse into administration.

As part of the restructuring, Mothercare also announced a refinancing package worth up to £113.5 million.

In a statement, Mothercare said: "Recent financial performance, impacted in particular by a large number of legacy loss making stores within the United Kingdom estate, has resulted in a perilous financial condition for the group".

"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".

High Street stores, New Look, Carpetright, Prezzo and Toys R Us, have all announced CVAs recently as they too are struggling on the high street.

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