The chairman of Mothercare is stepping down with immediate effect as the UK retailer continues to struggle hitting sales.
After six years leading the business, Alan Parker will be replaced by Clive Whiley who will act as interim executive chairman.
The news arrives only a matter of weeks after the business revealed that its chief executive was stepping down following a slump in sales.
Last week Mothercare reported a decline in quarterly sales and that it is currently exploring financing options and negotiating with banks over the terms of its loan facilities.
David Wood, Mothercare’s chief executive, said: “Mothercare is currently facing a number of challenges. Clive’s appointment comes with the support of a number of our key shareholders and strengthens Mothercare’s leadership with specific refinancing and restructuring experience.”
Alan Parker, the retiring chairman, added: “After completing six years as Chairman, I feel the time is right to hand over the chairmanship of Mothercare to Clive.
“His experience of successful restructuring and refinancing will help steer Mothercare through its next phase. I am very pleased that he is taking on the role and wish him, the Board and Mothercare’s management team every success in the future.”