Share raising for embattled chain

Mothercare has successfully completed a share issue, raising £32.5 million as it pushes ahead with sweeping store closures.

The embattled retailer, which has undergone a significant refinancing while shutting stores, said it was faced with a “bleak future” ahead of the restructuring and had more work to do. The chain has embarked on a plan to shut 60 of its outlets by June next year.