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LONDON (Alliance News) - Mothercare PLC said Friday Independent Non-Executive Director Tea Colaianni has resigned form the board with immediate effect to focus on other directorships.
Shares in Mothercare surged Thursday as the baby products retailer after it announced a GBP113.5 million funding plan and restructuring of its UK store portfolio. It, however, swung to a loss in its recent ended financial year.
Under the restructuring plan, the company plans to close 50 stores and seeks rent reductions on further 21 stores. It expects to have a total store portfolio of 78 by 2020, down from the current 137 stores.
Mothercare shares closed 21% higher at 32.01 pence each on Friday.
