The baby goods retailer said it would shut 110 stores and renegotiate rents on 40 more to focus on its international operations, where sales rose 16.3pc last year to £571m.
Ben Gordon, chief executive, said the “acceleration” of Mothercare’s strategy was driven by 120 shop leases expiring over the next two years. Some 80pc of the closures are from the estate of the Early Learning Centre – the toy retailer Mothercare bought for £85m in 2007.
Mr Gordon said that, given the growth of out-of-town and internet shopping, high-street rents were exorbitant. “There is an unrealistic expectation from high-street landlords,” he said.
The closures will cut Mothercare’s UK stores from 373 to 266 by March 2013 – though selling space will only reduce by about 12pc. It expects annual savings of £18m – and £5m costs from closing shops without expiring leases.