Mothercare: CEO exits amid full restructuring
Mothercare has announced the departure of the CEO, a few weeks before closing its operations in the United Kingdom.
Mothercare relieves its chief executive officer amid full restructuring. The British children’s fashion company has announced the departure of CEO, Mark Newton-Jones, as part of the “transformation plans of the company”, which plans to close its business in the United Kingdom next February.
The company’s chief financial officer, Glyn Hughes, will take succeed Newton-Jones immediately. Mothercare has also agreed that its president, Clive Whiley, will become the new non-executive president as of March 29.
The children’s fashion company also announced its new road map. Mothercare wants to strengthen its brand globally, improve product design, marketing campaigns and distribution. Consequently, last December the British company signed a franchise agreement with Boots, the largest parapharmacy chain in the United Kingdom to continue operating in the country after the closure of all of its stores.
In the first half of the year, which ended on October 12, Mothercare reduced its sales by 13.2%, to 324.1 million pounds (424 million dollars). The company’s gross profit stood at 21.2 million pounds (27.7 million dollars), 14% more than in the same period of 2018.
Validation policy for comments:
MDS does not perform prior verification for the publication of comments. However, to prevent anonymous comments from affecting the rights of third parties without the ability to reply, all comments require a valid email address, which won’t be visible or shared.
Enter your name and email address to be able to comment on this news: once you click on the link you will find within your verification email, your comment will be published.