More changes for nursery and maternity retailer Mothercare, as a turbulent few weeks culminated in the resignation of non-executive chairman Alan Parker late last week. Clive Whiley was appointed interim executive chairman, with immediate effect.
“After completing six years as Chairman, I feel the time is right to hand over the chairmanship of Mothercare to Clive,” said Alan, commenting on his departure from the business. “His experience of successful restructuring and refinancing will help steer Mothercare through its next phase.”
In response, Clive acknowledged the pressure the business is currently under and said he would will work tirelessly to return Mothercare to ‘its rightful place’ and would; “endeavour to return Mothercare to a sound financial footing and deliver a successful plan to improve performance on behalf of all of Mothercare’s stakeholders.”
David Wood, Mothercare’s newly-appointed ceo, commented on the leadership shuffle, saying; Mothercare is currently facing a number of challenges, not least a highly competitive retail environment. We recognise the clear needs ahead of us as we pursue our refinancing to allow us to complete our transformation plan.”
He concluded; “Clive’s appointment comes with the support of a number of our key shareholders and strengthens Mothercare’s leadership with specific refinancing and restructuring experience. He has the skills required to help stabilise the business and take it forward.”
Mothercare recently called on accountancy giants KPMG to help negotiate waivers on its loan agreements (with HSBC and Barclays) to avoid falling into liquidation. Those discussions are expected to conclude before 17 May 2018.