Baby paraphernalia retailer Mothercare is seeking to raise £32.5m from existing shareholders in the latest stage of its battle to adjust to a challenging UK high street.
The capital raising will be at 19p per share, well below Fridays closing level of 28.6p. Mothercares shares fell 9 per cent in early London trade to 26p.
Almost two months after striking a lifeline deal with creditors and announcing plans to shut 50 stores, the shop chain raised the number of planned store closures to 60.
Some of that increase comes from the decision to put its Childrens World business, a subsidiary that houses 22 of its stores, into administration. Mothercare will transfer 13 of the Childrens World outlets into other parts of its business….
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