StockMarketWire.com - Infant merchandise retailer Mothercare said that around two-thirds of its partners' global retail locations were now open following an easing of government lockdowns.

The company also announced that it had shortlisted chief executive candidates.

Acting CEO Glyn Hughes had ruled himself out of the search and would stand down at the end of June.

Pending the arrival of a permanent CEO, the day-to-day management of the group would continue to be run by the chief operating officer and chief financial officer, with close oversight from the chairman.

Mothercare said 'constructive discussions' were ongoing with existing franchise partners, to establish a more sustainable and less capital-intensive business', and with distribution partner Boots.

The company also remained in talks with a number of prospective debt providers and had entered into binding terms to move to a smaller and more cost-effective head office in early August.

'We have carefully managed our business over the past three months, to mitigate the impact of the Covid-19 pandemic on our cash flows and liquidity during this period of global crisis which is reflected in our unchanged bank debt position since March,' chairman Clive Whiley said.

'Whilst we have not been immune to temporary store closures in almost all of our territories over the period, I am pleased that we are seeing the reopening of our partners' stores.'

'At the same time, we continue to take action to reduce our cost base and address legacy issues, helping with our return to being a profitable and sustainable business.'

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