Mothercare, it is understood, is the latest retailer to be considering a CVA and could shut about a third of its 143 shops if it proceeds.

Like many other general merchandise retailers, Mothercare faces punishing trading conditions.

As well as price-conscious consumers, it must confront burdensome costs ranging from wage inflation and the apprenticeship levy through to business rates.

Some of those significant costs are governed by the size of a retailer’s store estate – the performance of which may be under pressure as a result of the rise of ecommerce – but a CVA will not fix Mothercare on its own.

That was evidenced by the shock replacement last week of its chief executive Mark Newton-Jones with David Wood.

It was also evidenced before that in Mothercare’s trading update in January. In the third quarter, the retailer’s UK online sales slid 6.9%, meaning that, in the year to date, they edged up only 0.9%.

The retailer blamed “consumer trends” – a generally soft market characterised by weak footfall and spending – for the poor performance. But surely such a steep online sales decline signifies that the problems are deeper.

Competition ahead

Mothercare faces fierce competition in its biggest categories – clothing and footwear, and home and travel – and needs to tell consumers a better story about why it should be their maternity specialist of choice.

The home and travel category accounts for 51% of Mothercare’s sales. But the retailer openly acknowledges that it is open to attack on this front.

It says: “A significant proportion of the group’s product offering in home and travel is from third-party brands. This means that similar product is available in other retailer outlets as well.

“The group is working closely with its suppliers and customers to deliver products that are appropriate and offer a point of difference with ‘exclusively’ becoming an increasingly important part of our ranges.”

“Surely such a steep online sales decline signifies that the problems are deeper”

That move to greater exclusivity, along with a reduced reliance on discounting and a greater emphasis on making the most of store strengths such as the provision of advice and service, has formed a key part of Mothercare’s strategy.

But, sensible as the strategy may be, sustained success has proved elusive at Mothercare and there’s a Groundhog Day feel about the changes in leadership.

When Simon Calver joined as chief executive in 2012, he said: “While there are near-term challenges ahead, I am committed to the recovery of the UK business.”

Two years later, he was gone.

When Newton-Jones was named boss, first on an interim basis, Mothercare chairman Alan Parker said: “His leadership skills and depth of experience in retailing through stores and online will further enhance our drive to deliver the recovery of the UK business.”

Now he’s been shown the door too.

Last week, upon his appointment, Wood said: “My immediate focus is to ensure Mothercare is put back on a sound financial footing and deliver a successful plan to improve performance.”

“Sensible as the strategy may be, sustained success has proved elusive at Mothercare and there’s a Groundhog Day feel about the changes in leadership”

Mothercare updates on Thursday, when perhaps more will be revealed about what Wood’s plan will be.

Whatever his blueprint, Parker maintains that the retailer’s current strategy is sound, but admits it must be more effectively executed.

Parker is probably right about the importance of execution. Central to that must be highlighting – and making good on the promise of – what distinguishes the business from AN Other.

Only then can Mothercare realise its ambition to be “the leading global retailer for parents and young children”.