Mothercare - not at all well
The infant-solutions-themed chain have asked their shareholders to help them out of a £40 million hole, by getting them to stump up £100 million.
They’ll clear their debts and use the remaining cash to close a quarter of their stores.
You need £60 million to close a store? It’s a wonder anyone bothers in the first place.
Shares fell at a quite shit 11% to 221.2p, in reaction to the news, yet management reckon this is the best way ahead to try and salvage the business.
Chief executive Mark Newton-Jones said: “There was an alternative to take six or seven years to fix the business, which I’m fearful is too long.”
Mothercare plan to shut 75 stores and open 20 new ones, which goes with the management’s vision of shifting the shops into outta town locations
Oh and a refurbishment wouldn’t go amiss either, as Newton-Jones remarked: “Many of our stores haven’t been touched for a decade, not even so much as a lick of paint.”
There you have it.