The UK-based infant retailer Mothercare has said that nearly two-third of its partners have opened their retail stores following lockdown relaxations.
The reopening of the stores holds relevance considering that the retailer has been a victim of temporary store closures following the pandemic outburst.
In addition to talking to several prospective debt providers, Mothercare has also been holding productive discussions with all its current franchise partners and its distribution partner Boots so as to set up a more sustainable business.
The British retailer has been going through a tough phase even before the pandemic crisis started. In 2019, Mothercare put its UK store into administration with all its 79 stores shutting down.
It was around this time Glyn Hughes joined the company. Since the start of 2020, Glyn has been the acting CEO; however, now he has decided to step down from his office with 30 June being his last day at the office.
The retailer said Glyn wants to pursue other opportunities, though no further details were disclosed.
Following his decision to step down, the retailer has already started short listing candidates for the post of CEO.
Mothercare said that its experience of administration has enabled it to fight the pandemic and now with its partners reopening stores, the retailer is positively moving towards the right direction.
Also, it has agreed to lease out some of its warehouse in Daventry to another company, thereby shifting to a smaller office – saving around £3.5 million yearly.
Expressing optimism over the whole scenario, Clive Whiley, Chairman, Mothercare, said that the company will, however, keep itself committed to reducing the cost as well as addressing the legacy issues so as to help the company regains its stature as a profitable and sustainable firm.