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sancho panza

Mothercare announces 900 new job losses.

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More CRE enters Skid Row.


'Mothercare has increased the number of stores it plans to close to 60, resulting in the loss of 900 jobs.

The struggling retailer said its subsidiary Childrens World has been placed into administration and it will transfer 13 of its 22 stores to Mothercare.

Last month, Mothercare rehired Mark Newton-Jones as its chief executive, announced plans to close 50 stores and raise fresh money from its shareholders as part of a rescue plan.

In an update to the London Stock Exchange, the company said it plans to raise £32.5m through the sale of new shares to existing shareholders. It hopes to complete the process by July 27, by which time it expects to be able to tap £67.5m from existing lenders.

Like other struggling high street names, Mothercare entered into a Company Voluntary Arrangement, which enables it to close loss-making stores.

Since January, Toys R Us and Maplin have filed for administration, while fashion retailers such as New Look and House of Fraser have embarked on radical store closure programmes.'

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share buy-back, yeah always a successful venture - why buy when stocks are tumbling? ... whole thing will be toast


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