Mothercare boss to return in shock U-turn as retailer plans store closures

 
Alys Key
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Hundreds of jobs are at stake as the retailer plans 50 store closures (Source: Betty Longbottom/Geograph)

Mothercare will re-hire its former boss in a shocking U-turn as the company plans to shutter 50 stores.

Mark Newton-Jones will return to the retailer, less than two months after he was forced out with just a few minutes' notice, Sky News reported.

He will head up a company voluntary arrangement (CVA) which will see the chain close as many as 50 stores, putting hundreds of jobs at risk.

Newton-Jones's miraculous return follows the departure of former chairman Alan Parker, who announced that he was stepping down in mid-April.

Parker was instrumental in ousting Newton-Jones, but the former chief executive will now resume his role due to the leadership of interim executive chairman Clive Whiley.

David Wood, who was brought in to replace Newton-Jones is expected to take up another executive role.

The troubled retailer will now follow the likes of New Look, Select, House of Fraser and Carpetright in appealing to creditors for a lifeline as the high street struggles with declining footfall and rising rents.

KPMG was appointed in March to assist Mothercare with a refinancing plan to keep the retailer on its feet. It is understood that the firm will now oversee the CVA.

Mothercare is due to issue its full-year results tomorrow, capping off a year in which its shares have plummeted by more than 83 per cent.

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