Hundreds of job losses as Mothercare plan to close 50 stores around the UK.

Mothercare plan to close 50 storesBritish high street chain store Mothercare is to close 50 of its stores across the UK in a radical new restructuring plan to try and save the mother and baby products retailer.

 The company is intent on bringing back Mark Newton-Jones as chief executive as part of the plan which will be unveiled on Thursday. Mothercare has recently seen sales and profit hammered by rising costs and tough competition from supermarket groups and online retailers in its main UK market.

Mothercare plan to close 50 stores around the UK

Mothercare’s former chief Mark Newton-Jones was removed from his position last week after it emerged the baby products retailer’s debts had risen to £50m. He was replaced by David Wood, who had previously worked for Tesco. The store, which specialises in children’s clothes, could be rescued by a bid from supermarket giant Sainsbury’s, which is thought to be considering one. In the meantime the company has hired accountancy group KPMG to help it sort out its debts.