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| Mothercare confirms 50 store closures | |
| (35 minutes later) | |
| Mothercare has confirmed it is closing 50 stores as part of a rescue plan, a move that will put 800 jobs at risk. | |
| The baby products retailer, which said it was in a "perilous" financial position, has also agreed a rent cut with landlords for 21 of its stores. | |
| The store closures will leave it with 78 UK outlets by 2020. | |
| The company also said it would reappoint the chief executive who left in April following poor Christmas trading and a profits warning. | |
| Mark Newton-Jones had been replaced on 4 April after four years in charge of the retailer. | |
| In a statement, Mothercare said: "Recent financial performance, impacted in particular by a large number of legacy loss making stores within the UK estate, has resulted in a perilous financial condition for the group." | |
| It has already nearly halved its store numbers over the past five years. It had intended have 92 outlets by 2023, but has now accelerated its closure plans. | |
| The plan to close stores and cut rents is being carried out through a company voluntary arrangement (CVA), which will need approval from its creditors. | |
| One, the Pension Protection Fund, has already said it will vote in favour. |