Around 2500 jobs will be at risk, as Mothercare, the number one UK baby and maternity retailer, has announced plans to go into administration just two months before Christmas.
The children and maternity brand shut 58 of their stores last year after their Company Voluntary Arrangement and had a loss of £36.9 million by March this year.
Joel Hills, ITV News' Business and Economics editor tweeted: "Mothercare has decided its UK retail operation is a lost cause.
"The business is being put into administration weeks before Christmas.
"Source says it’s “highly likely” that 79 stores will close with the loss of up to 2500 jobs. The PLC and international business are unaffected."
Mothercare plc released a statement about their plans to go into administration, and it said they "are not capable of returning to a level of structural profitability and returns that are sustainable for the Group."
"Furthermore, the Company is unable to continue to satisfy the ongoing cash needs of Mothercare UK."
The source continued to reveal: "These notices of intent to appoint administrators in respect of Mothercare UK and MBS are a necessary step in restructuring and refinancing of the Group.
"Plans are well advanced and being finalised for execution imminently. A further announcement will be made in due course."
Since the news of the company, people have responded to the news online.
One wrote: "Sad news for @mothercareuk this morning. A favourite brand on the high street for Mums & Dads. I wonder where it all went wrong? #mothercare #administration #redundancy 😢@HRGrapevine @PeopleMgt"
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