Mothercare seeks new funding

Mothercare is calling on its shareholders for additional investment, via a rights issue. It is looking for £100 million in new funding to enable it to shutter some 75 under-performing high street stores and focus instead on larger outlets including stores on retail parks, as well as a strengthened online offering. Chief Executive Mark Newton-Jones commented “by modernising and transforming the UK into a digitally led business we will underpin the growth of the group’s successful international business. Our ambition is for Mothercare to become the leading global retailer for parents and young children.”