PLANS for the modernisation of struggling retail chain Mothercare are to go ahead after City investors backed a £100 million fundraising.
Chief executive Mark Newton-Jones said the successful rights issue gave the business a strong financial position for its turnaround strategy, which will see it look to create a smaller, digitally-led store estate.
The company, which owns the Early Learning Centre brand, is planning more store closures as it looks for a core UK estate of 110 out-of-town shops and 50 in-town sites. Closures will be offset by the opening of approximately 15-20 new stores or by relocations to larger, better located premises.
Mothercare had a UK estate of 220 stores , including Bradford, at the end of March after closing 153 loss-making stores over the last three financial years.
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