Mothercare has confirmed it is closing 50 stores as part of a rescue plan, a move that will put 800 jobs at risk. The baby products retailer said it was in a "perilous" financial position.The store closures will leave it with 78 outlets in the UK by 2020. The retailer has already nearly halved its store numbers over the past five years. It had intended have 92 outlets by 2023, but has now accelerated its closure plans and will have just 73 by that year. The company plunged to a £72.8m loss in its most recent financial year, as it took hefty charges to pay for closing stores and reorganising the business. Mothercare saw falling numbers of shoppers in the second half of the financial year and had to discount to try to stimulate sales. However, over the year as a whole, like-for-like sales fell 1.3%. What is causing the problem at Mothercare?
