Struggling retailer Mothercare has dumped its chief executive as it pleads with lenders for a rescue deal.
Mark Newton-Jones, who has been running the baby products seller since 2014, was asked to stand down this morning, shortly before the company announced he would be replaced by former Tesco executive David Wood with immediate effect.
Alan Parker, chairman, denied the company’s creditors had been pushing for a change of leadership as a condition of the refinancing deal Mothercare is in the process of negotiating.
