Chief set for Mothercare return a month after sacking

Mothercare is expected to rehire the chief executive it sacked last month as it unveils a rescue plan involving the closure of 50 high street shops. Alongside its full-year results today, in which it is forecast to report a slump in full-year profit, the retailer will say that Mark Newton-Jones will return six weeks after making an unexpected exit. The baby chain, which will lay out details of the overhaul in its results on Thursday, ditched Newton-Jones as chief executive last month, with then-chairman Alan Parker having said although he had “done a good job, we think we can do even better going forward”. Two weeks after that, Parker was replaced in the chairman post by Clive Whiley. Reports suggested Whiley had been a key player in pulling together a rescue deal and forming the restructuring plans. The restructuring plan will see Mothercare shut 50 shops within 12 months, announce an extension of its borrowing facilities and tap shareholders for more than £35m in new equity, according to Sky News. Click here for the full Times article (£) Click here for the full Telegraph article