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Creditors of struggling mom and child merchandise retailer Mothercare have backed a restructuring plan that can lead to the closure of 50 stores.
The closuresplacing 800 jobs in dangerare a part of a firm voluntary association (CVA), which permits corporations to shut loss-making retailers and scale back rents.
Under the CVA, Mothercare will even increase £28m via issuing new shares.
The agency mentioned it continued to commerce and wouldn't be going into administration.
Last month, Mothercare mentioned it was in a "perilous" monetary place and confirmed that its rescue plan would contain closing 50 stores.
The retailer closures will go away it with 78 retailers within the UK by 2020. It just isn't but clear which stores will probably be closing.
Clive Whiley, Mothercare's interim govt chairman, mentioned: "We are very grateful for the help of our many stakeholders throughout our creditor base in supporting at this time's CVA proposals.
"These measures provide a solid platform from which to reposition the group and begin to focus on growth, both in the UK and internationally."
The retailer has already almost halved its retailer numbers over the previous 5 years. It had supposed to have 92 retailers by 2023, however has now accelerated its closure plans and could have simply 73 by that 12 months.
The firm plunged to a £72.8m loss in its most up-to-date monetary 12 months, as it took hefty expenses to pay for closing stores and reorganising the enterprise.
Mothercare noticed falling numbers of customers within the second half of the monetary 12 months and had to low cost to attempt to stimulate gross sales. However, over the 12 months as a complete, like-for-like gross sales fell 1.3%.
CVAs have develop into widespread this 12 months as a sheaf of main High Street names have had to bear deep adjustments in the best way they function.
Earlier this 12 months, toy retailer chain Toys R Us collapsed into administration, as did electronics retailer Maplin.
Carpetright has entered into a CVA and introduced retailer closures, as has style chain New Look.
Various causes have been cited for failures on the High Street, together with a squeeze on customers' earnings, the expansion of on-line buying and the rising prices of employees, rents and enterprise charges.