Mothercare is considering closures making it the latest high street chain to struggle to stay open.
The baby clothes retailer is considering entering into a company voluntary arrangement (CVA) – a form of insolvency aimed at protecting a businesses, according to The Sunday Times.
If the CVA goes ahead Mothercare is looking to close a third of its 143 branches in the UK plus renegotiate rent prices for remaining stores.
The company dramatically parted ways with boss Mark Newton-Jones last week after a slump in sales, with former Tesco executive David Wood taking over as part of a last-ditch rescue attempt.
Sainsbury’s is understood to be considering a potential takeover after watching the struggling chain, Press Association revealed last week.
Deutsche Bank fires chief executive after continued losses
Deutsche Bank has sacked its chief executive John Cryan after three years due to clashes in the board room and repeated losses.
Cryan’s contract was due to run until 2020 but he will now leave at the end of the month with Christian Sewing, the head of its retail arm, taking over immediately.
“We need a new execution dynamic in the leadership of our bank,” Deutsche Bank chairman Paul Achleitner said: “The board had decided to part company with Mr Cryan after just three years following a “comprehensive analysis.”
He concluded: “we need…