Mothercare has announced today its latest plans to try and save itself from going out of business.
The nursery retailer proposes to use a Company Voluntary Arrangement (CVA) to close 49 unprofitable stores over a period of 12 months (category 3 stores listed below).
Among the stores due to close-down, are the last three remaining Early Learning Centre toys shops. When ELC was bought by Mothercare in 2007 there were other 200 branches of the specialist toy chain.
The company will also seek rent reductions of 50% for a three year period in 21 locations (category 2).
The Mothercare store in Jersey is already due to close once its lease expires this year. While the Mothercare branches in Ayr and Paisley are freehold properties unaffected by the CVA.
The remaining 64 stores are unaffected by the CVA (category 1).
Mothercare’s restructuring plans rely on its proposed CVA being approved by creditors. Voting on the proposal closes on 31 May 2018. After the vote, a challenge period begins. The final decision on the CVA will be announced by the end of June.
Former CEO, Mark Newton-Jones, has been reappointed back in to the role despite having been sacked just five weeks ago. David Wood, who replaced Mr Newton-Jones, will take up a new role as Group Managing Director.
> UPDATE: there’s a new list of 60 planned store closures, click this link.
Category 3: stores that would close over the next 12 months
1. MC Inverness
2. MC Kirkcaldy
3. MC Fort Kinnaird
4. MC Coatbridge
5. MC Bangor (Northern Ireland)
6. MC Derry
7. MC North Shields
8. MC Doncaster
9. MC Bradford
10. ELC Harrogate
11. MC Rotherham
12. MC Crystal Peaks
13. MC Llandudno
14. MC Stockport
15. MC Macclesfield
16. MC Stafford
17. MC Walsall
18. MC Denton
19. MC Blackburn
20. MC Bedford
21. MC Kings Lynn
22. MC Grafton Centre (Cambridge)
23. MC Clacton
24. MC Holloway Road
25. MC Bexleyheath
26. MC Hounslow
27. MC Wandsworth
28. MC Brixton
29. MC Sutton
30. MC Croydon (Whitgift Centre)
31. MC Colliers Wood
32. MC Eltham
33. MC Bromley
34. MC Maidstone
35. MC Brighton
36. ELC Worthing
37. MC Guildford
38. MC Aldershot
39. MC Portsmouth
40. MC Newbury
41. MC Reading (King Street)
42. MC Salisbury
43. MC Newport Wales
44. MC Weston Super Mare
45. MC Yeovil
46. MC Exeter
47. MC Plymouth (note relocation planned)
48. ELC Plymouth
49. MC Newport Isle of Wight
Category 2: stores where Mothercare are seeking a rent reduction from landlord
1. MC Dundee
2. MC East Kilbride
3. MC Newtownabbey
4. MC Huddersfield
5. MC Altrincham
6. MC Meadowhall
7. MC Lincoln
8. MC Leicester
9. MC Peterborough (Serpentine Green)
10. MC Aylesbury
11. MC Brent Cross
12. MC Wood Green
13. MC White City
14. MC Kew
15. MC Kingston
16. MC Orpington
17. MC Eastbourne
18. MC Worcester
19. MC Bristol (Eastgate Retail Park)
20. MC Oxford
21. MC Slough
Category 1: stores not impacted by the CVA process
1. MC Aberdeen
2. MC Falkirk
3. MC Edinburgh Hermiston Gait
4. MC Anniesland
5. MC Glasgow St Enoch
6. MC Sprucefield
7. MC Newry
8. MC Gateshead
9. MC Stockton
10. MC Hull
11. MC Leeds
12. MC Wakefield
13. MC York
14. MC Preston
15. MC Aintree
16. Tesco Prescot
17. MC Bromborough
18. MC Warrington
19. MC Chester
20. MC Manchester (Manchester Fort Shopping Park)
21. MC Stoke
22. MC Telford
23. MC Solihull
24. MC Merryhill / Dudley
25. MC Tamworth
26. MC Nottingham
27. MC Derby
28. MC Northampton
29. MC Leamington Spa
30. MC Milton Keynes (intu Shopping Centre)
31. MC Rugby
32. MC Norwich
33. MC Ipswich
34. MC Stevenage
35. MC Chelmsford
36. MC Basildon
37. MC Harlow
38. MC Thurrock
39. MC Watford
40. MC Harrow
41. MC Edmonton
42. MC Romford
43. MC Stratford City
44. MC Greenwich
45. MC Bluewater
46. MC Croydon (Croydon Valley Retail Park)
47. MC Canterbury
48. MC Tunbridge Wells
49. MC Swansea
50. MC Cardiff (Newport Road)
51. MC Culverhouse Cross
52. MC Cribbs Causeway
53. MC Gloucester
54. MC Taunton
55. MC Truro
56. MC Torquay
57. MC Poole
58. MC Southampton
59. MC Havant
60. MC Swindon
61. MC Reading (Vastern Court)
62. MC Hayes
63. MC Basingstoke
64. MC Weybridge