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(Alliance News) - Mothercare PLC said Thursday that Nick Wharton, non-executive
director, resigned from the board on December 31.
At the beginning of December the baby and children-focused retailer reported a widened interim loss due to the weak performance of its UK division, which has since been put into administration.
For the 28 weeks ended October 12, Mothercare reported a GBP21.2 million pretax loss, widened 15% from GBP18.5 million a year before.
Revenue fell 13% to GBP234.1 million from GBP269.8 million, and administrative expenses rose 68% to GBP38.1 million from GBP22.7 million.
Following the half-year end, on November 5, the Mothercare UK Ltd business went into administration. Mothercare UK's administrators agreed to assign the Mothercare brand and novate most of Mothercare's international franchise agreements into a new company subsidiary named Mothercare Global Brand Ltd.
Mothercare shares were up 2.0% in London at 17.60 pence each on Thursday.
By Loreta Juodagalvyte; loretajuodagalvyte@alliancenews.com
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