Mamas & Papas reaches out to administrators in an attempt to stem losses
By Iain Gilbert
Date: Friday 08 Nov 2019
(Sharecast News) - British maternity chain Mamas & Papas has reached out to administrators as part of an effort to work its way through mounting losses.
Bluegum Capital, Mamas & Papas owner since 2014, took control of the retailer through a pre-pack administration on Friday as it looks to shed some of its financial liabilities including six loss-making stores located in Aberdeen, Preston, Milton Keynes, Lincoln, Leamington and Fareham.
Mamas and Papas has already laid off 73 staff members, with as many as 54 more workers still at risk.
All 79 of Mothercare's UK stores will likely close, although it will retain its London stock market listing as the company looks to continue operating its successful international operations.
Chairman Riccardo Cincotta said: "These actions are always difficult but they are also necessary in a challenging market to ensure Mamas & Papas achieves its considerable future potential.
"Our digital performance is tracking ahead of expectation, our wholesale distribution in the UK and Internationally continues to grow and our in-store Personal Shopping experience remains highly valued by our customers."
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