As recently as May, having won approval for a CVA last year, Mothercare chief executive Mark Newton-Jones was bullish about the retailer’s turnaround prospects.
He said as he unveiled full-year results: “We have achieved a huge amount this year, refinancing, restructuring and reorganising Mothercare to ensure a sustainable future for the business. The majority of that work is now done.”
“What a difference a year makes,” enthused chair Clive Whiley. He said: “We remain determined to differentiate Mothercare as a textbook recovery case, in parallel demonstrating that boards can and should foster a greater alignment between their debt and equity providers.”
Up to a point, Lord Copper.
It now looks, sadly, as if they were wearing rose-tinted glasses. Mothercare’s UK business is now expected to be put into administration with the potential loss of 2,500 jobs.
Please sign in now if you have a subscription or are already registered with us.
Retail-Week.com provides premium, in-depth intelligence that helps retailers judge risks, spot opportunities and identify what they need to do to win in the digital economy.
Register today for a taste of our high-quality intelligence and enjoy:
During December, registered users can access 24 free articles in our advent calendar - find it here or on the homepage.
Discover Retail Week register now
Please note, if you have recently purchased a subscription, it may take a few minutes before your account is updated.