After issuing a profit warning in January and reporting a fall in UK like-for-like sales in the 8 weeks to March 26th, Mothercare has said that it will now close some 107 stores across the UK over the next two years.
This will leave about 266 Mothercare stores open, a reduction of 28.7%.
The BBC reports that Mothercare consider it fortunate for the company that 120 stores have leases that expire within the next two years. The company says that it wants to reduce its high street presence and concentrate more on internet sales and out of town stores.
Mothercare said that it would then benefit by about Â£4-Â£5 million a year in tax after the closures.
Although the UK picture for Mothercare looks a little bleak with UK underlying profit for the period at Â£11.1 million compared with the same period last year standing at Â£36.1 million, the worldwide outlook is a lot rosier.
With total sales up by 16.3% Mothercare said that it saw a 'record year internationally'. The company expects to see an increase in overseas sales by 15%-20% and to open 150 stores.