LONDON—Britain’s Mothercare, the struggling mother and baby products retailer, said it would close over a third of its stores as part of a survival plan that also sees the return of the chief executive who abruptly departed just five weeks ago.
The firm’s sales and profit have been hammered by intense competition from supermarket groups and online retailers in its main UK market as well as by rising costs, resulting in what it called “a perilous financial condition.”
