Embattled maternity and baby retailer Mothercare has announced that former Kmart president David Wood will become its new CEO.
Mothercare's lenders have agreed to defer the testing of its financial covenants as it continues to grapple financial turmoil.
Fund managers are reportedly slashing their stakes in Mothercare in the clearest sign that they are losing hope the retailer
Shares in Mothercare have taken a hit after the retailer warned downgraded its profits forecast.
Mothercare has issued a profit warning after a dire performance in in the UK during the run-up to Christmas.
Mothercare's finances have taken a dramatic turn as it plunged into loss during its half year, despite a rise in like-for-likes in its UK market.
Mothercare is eyeing the possibility of making up to 200 roles redundant at its UK head office amid a restructure, according to Drapers.
The chief customer officer of Mothercare has quit the retailer after just two months in the role.
The Duchess of Cambridge's announcement that she is pregnant is predicted to spark a baby boom across the UK, and retailers are preparing to cash in.
Mothercare has recorded an uptick of 1.9 per cent in UK like-for-like sales in its first quarter, but a disappointing run in its Middle Eastern market caused a slump in its international sales.