Earlier this month, Mothercare issued a profit warning

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.