RE: International business to continue/thrive?6 Nov 2019 08:48
Yep!
Through these necessary actions we anticipate Mothercare's return to being a cash generative and profitable business in FY21, entering the next financial year bank debt free.
Clive Whiley, Chairman of Mothercare, said:
"Following the completion of our transformation programme, Mothercare - one of the leading global brands for parents and young children - should have a bright future ahead as a solvent and cash generative Group, notwithstanding the administration of Mothercare UK and MBS.
"The actions we are announcing today have been carefully thought through and have not been taken lightly. Yesterday, all of our stakeholders faced an uncertain future given Mothercare UK's perilous financial situation that threatened the Group as a whole. Today's actions seek to return Mothercare to a stable and sustainable footing, and to preserve value for many of our stakeholders - most notably our pension fund, our global franchise operations and lending group - who might have otherwise faced significant losses.