Mark Newton-Jones was sacked by the then chairman Alan Parker - who has himself subsequently stepped down.
Mothercare employs about 3,000 people across 137 outlets in the United Kingdom, including branches in Walsall, Stafford, Telford and at Merry Hill shopping centre.
"The announcement to close such a significant number of stores highlights the unyielding shift towards online shopping and the overcapacity concerns faced by a significant proportion of the market". Former Tesco executive David Wood who had taken on the chief executive role and is just over a month into the job, will become group managing director.
Uncertainty hangs over the future of Northern Ireland's five Mothercare stores after the retailer said it was to close 50 shops across the UK.
As part of the restructuring, Mothercare has also arranged a refinancing package worth up to £113.5m.
"?The recent financial performance of the business, impacted in particular by a large number of legacy loss making stores within the United Kingdom estate, has resulted in an unsustainable situation for the Mothercare brand, meaning the group was in clear need of an appropriate resolution".
Mothercare has announced that 50 stores across the country are to close which could include the Isle of Wight’s only store in Carisbrooke
'These comprehensive measures provide a renewed and stable financial structure for the business and will drive a step change in Mothercare's transformation'.
Brutal trading conditions are also partly responsible for the collapse of Toys R Us UK, electricals group Maplin and drinks wholesaler Conviviality.
No specific details have been revealed as to stores facing closure.
Shares in Mothercare were up 4.8 pence at 26.6 pence at 0832 GMT, valuing the business at 46 million pounds. It is a final attempt to avoid administration and reset the business on a firm financial footing.
He told Express.co.uk: "Allowing a business to continue trading and its existing management to retain control, CVAs are sometimes viewed as a more attractive option than other methods of insolvency, such as pre-pack administrations". The group hopes to renegotiate rents on 21 further stores as it seeks to make savings of £15m a year.
In addition to the proposed equity issue the firm 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.
Money Saving Tips for Business Owners JJBender.com is a trustworthy and reputable source of used office equipment that offers a wide variety of products. And in today’s economy, every small business owner is looking for ways to save money and reduce expenses.
These feelings are children of an extraordinary and attractive journey, shared with people who have loved me. The 40-year-old's last game for the club will be against Verona on Sunday - his 640th in Serie A.
Variety is reporting that Power co-star Andy Bean (pictured left above) has lined up the role of Stanley Uris in It: Chapter 2 . It's fitting because Wyatt Oleff was involved in one of the first movie's creepier sequences as young Stanley.
THE maximum stakes on fixed-odds betting terminals (FOBTs) will be restricted to £2, the government has announced. Bookmaker William Hill said it will see a reduction in total gaming net revenue of 35%-45% following the move.
If you've ever wondered how much time you spend flipping through photos on Instagram, then you're about to get a wake-up call. It hasn't been enabled as yet so it's unclear when this feature will be rolled out for all users.
More recent songs with a low happiness index included Sam Smith's " Stay with Me " and "Whispers" by Passenger , both from 2014. The researchers emphasize that they were looking for the trends in the acoustic properties and the moods describing the sounds.
For now, New Jersey , and possibly DE , will likely be the only options for new sports betting operations in the coming weeks. Virginia law now considers gambling illegal, part of a code section titled "Crimes Involving Morals and Decency".
Xbox Adaptive controller is a device targeted to the people who don't have the luxury to use their hands like normal people. They can be reprogrammed to act as any of the standard controller's button inputs via the Xbox Accessories app.
Penn State will play eight conference matchups, five of which are against teams who qualified for the NCAA Tournament last season. This is the third game of the four-year renewed series, although no other games have been scheduled in the future.
More so, it can encourage productivity by being able to lessen boredom since you will be surrounded by people you can talk to. It Fits the Bill According to statistics, self-employment is on the rise, increasing by as much as 40% in the U.S . by 2020.
Reliance Communications shares surge 38%
The company is set to report earning for the quarter ended March on May 19. RCom says it owes only Rs 60 crore to Ericsson. A lawyer for RCom said it would appeal.
SEC Launches Fake ICO to Educate People on Fraud
HoweyCoins is part of the SEC's effort to combat an explosion of scams and securities fraud associated with cryptocurrencies . Generally, if something passes the Howey test , and is therefore considered a security, it is subject to SEC regulation .
Oil drops as demand shows signs of weakening
Here is a look at how share prices for two blue-chip stocks and two exchange traded funds reacted to this latest report . Gasoline and distillate stocks were expected to have fallen by 2 million barrels and 1.3 million barrels, respectively.
Senate votes to ditch repeal of net neutrality
John Hoeven says we need to develop fair and open access to the internet without re-using Obama's net neutrality regulation. Eshoo responded: "Well we have a lot more to come, but so far, very good".
PUBG Mobile Gets Miramar Desert Map Before Xbox One
Twitch launched this new set of custom filters earlier, and they're available to everyone watching PUBG streams . Update 0.5.0 has added a new map, with the desert themed Miramar now available to play for mobile users.
The Essentials of Being an Eco-Friendly Hotel
Conserve Energy Lights, water heaters, and air conditioning units, among other things, consume the most electricity in hotels. Through these actions, the hotel can build a better name by showing its clients how it values environmental sustainability.