Mothercare to close 60 stores, puts Children's World into administration

Mothercare Plc has announced that it is planning a fully underwritten equity issue to raise 32.5 million pounds (43.2 million dollars) from our existing shareholders at 19 pence per new ordinary share. The company also announced that since the CVA proposal in respect of Children's World Limited did not receive the required support from creditors, the company’s directors have decided to place it into administration, which will result in the transfer of 13 of its 22 stores to other Mothercare group companies to continue trading.