May 17, 2018 / 6:19 AM / a year ago

UK's Mothercare to close 50 more stores in restructuring plan

LONDON, May 17 (Reuters) - Britain’s Mothercare, the struggling mother and baby products retailer, said on Thursday it would ask investors for 28 million pounds ($38 million) as part of a restructuring plan that would see a further 50 stores close.

The firm also said Mark Newton-Jones had agreed to return as chief executive following his abrupt departure last month.

Mothercare said it would seek creditor approval for a company voluntary arrangement (CVA) that would enable it to shut 50 stores and secure rent reductions on 21 others.

In addition to the proposed equity issue it has also secured revised committed debt facilities of 67.5 million pounds, 8 million pounds of new shareholder loans and a new debtor backed facility of up to 10 million pounds from a trade partner. ($1 = 0.7376 pounds) (Reporting by James Davey; editing by Costas Pitas)

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