UK: Mothercare tight-lipped over ELC sale reports
Earlier this month, Mothercare issued a profit warning
Mother, baby and children's goods retailer Mothercare has remained tight-lipped over reports it is in talks to sell its Early Learning Centre chain as part of a plan to revive its fortunes.
According to The Sunday Times, discussions are being held with several suitors about a "cut-price sale" of the toy shops. Investment bank Lazard is understood to be advising Mothercare on the sale.
A spokesperson for Mothercare, however, declined to comment on the reports.
Earlier this month, Mothercare's share price fell nearly 30% after it issued a profit warning as a result of Christmas discounting in the UK and weak economic conditions overseas.
The retailer has been undertaking a restructuring plan in order to turn its fortunes around. To date, it has closed 80 UK stores.
At its half-year results in November, the company said its turnaround efforts had started to pay off after it swung to its first half-year underlying profit since 2010/11.
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