Monday, November 30, 2020

Mothercare‘s Finance Director resigns


Neil Harrington, the Executive Director and Finance Director of parent & baby products retailer Mothercare has today announced he has stepped down from his position at the firm.

No replacement has yet been found for Harrington and his departure date is yet to be set, but the resignation represents yet more change for the retailer which is currently trying to reshape its business after seeing its UK sales plummet over the last year.

Harrington, who joined Mothercare in January 2006 and has been integral to the company‘s management during that period, is said to be moving to a role within a private equity organisation.

Alan Parker, Executive Chairman of Mothercare, commented on Harrington‘s decision: “I would like to thank Neil for his significant contribution to Mothercare over the past six years. We wish him every success in the future.”

Long-serving CEO of the retailer Ben Gordon left the business in November last year and it took until February for his replacement Simon Calver, formerly of mail-order film service Lovefilm, to be appointed.

Gordon‘s departure was widely seen as a response to poor domestic trading which led to a loss of £81 million for the business in the first half of its financial year, and earlier this month the retailer revealed that it would be accelerating its store reduction plan after like-for-like UK sales fell a further 8.2 per cent during its fourth quarter.

Mothercare has been shifting its focus away from its core, yet loss-making, UK high street operation and towards its international business which has seen healthy growth in emerging economies such as India.

Having already closed 62 of its UK stores over the last year the trader intends to reduce its domestic portfolio by a further 111 outlets to leave itself with 200 UK units and over 1,000 overseas stores.

A replacement for Harrington will be immediately sought by Mothercare and the Finance Director will remain in his position for the short-term to ensure an orderly hand-over of his responsibilities.


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