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Thursday, July 10, 2014

Mothercare's interim CEO named permanent boss, (NASDAQ: DEST)

Struggling British baby products retailer Mothercare, fighting off a takeover bid from U.S. group Destination Maternity, named its interim chief executive as its permanent CEO on Thursday. Mark Newton-Jones, who led online retailer Shop Direct for almost a decade, took over as interim boss in March, replacing Simon Calver who quit in February after a profit warning showed his plans to revive the group were faltering.Newton-Jones will take up his place on the Mothercare board on 17 July."I am very much looking forward to leading the Mothercare group at such an important time in its development," he said."We now need to put in place the building blocks to strengthen the UK performance and I believe there is then a tremendous opportunity to take this business forward."

Destination Maternity Corporation is the designer and retailer of maternity apparel in the United States and is the only nationwide chain of maternity apparel specialty stores. Shares of DEST traded higher by 0.77% or $0.19/share to $24.80. In the past year, the shares have traded as low as $22.00 and as high as $32.98. On average, 91686 shares of DEST exchange hands on a given day and today's volume is recorded at 68165.