Mothercare becomes the latest High Street victim
Mothercare has called in administrators as it becomes the latest High Street retailer failing to cope with a rapidly changing market.
More than 2,500 jobs are at risk.
The baby goods retailer has 79 stores in the UK.
In a statement the company said:
“Mothercare is not capable of returning to a level of structural profitability and returns that are sustainable for the group.
“Furthermore, the company is unable to continue to satisfy the ongoing cash needs of Mothercare UK.
“Since May 2018, we have undertaken a root and branch review of the Group and Mothercare UK within it, including a number of discussions over the summer with potential partners regarding our UK Retail business.
“Furthermore, the Company is unable to continue to satisfy the ongoing cash needs of Mothercare UK.
“These notices of intent to appoint administrators in respect of Mothercare UK and MBS are a necessary step in the restructuring and refinancing of the Group.”