Mothercare store in Havant launches huge closing down sale – with everything reduced
Mothercare has announced it is holding a closing-down sale at all of its UK stores after the company went into administration.
About 2,500 jobs are at risk after administrators were called in, with Mothercare slumping to a £36.9 million loss in the financial year to March.
There are stores in Havant and Southampton, both of which will shut.
Ahead of the UK-wide closures Mothercare is holding a closing date sale with all of its stock reduced.
On its website the company said the sake would exclude concessions, milk, food, medicines and third party gift cards.
The company closed its Portsmouth store in February, after it announced 60 of its 137 shops in the UK would close by June 2019.
‘Not capable of returning to a level of structural profitability’
A company statement earlier this week said: ‘Since May 2018, we have undertaken a root and branch review of the group and Mothercare UK within it, including a number of discussions over the summer with potential partners regarding our UK retail business.
‘Through this process, it has become clear that the UK retail operations of the group, which today includes 79 stores, are not capable of returning to a level of structural profitability and returns that are sustainable for the group as it currently stands and/or attractive enough for a third party partner to operate on an arm’s length basis.
‘Furthermore, the company is unable to continue to satisfy the ongoing cash needs of Mothercare UK.
‘These notices of intent to appoint administrators are a necessary step in the restructuring and refinancing of the group. Plans are well advanced and being finalised for execution imminently. A further announcement will be made in due course.’