In its efforts to cut debt, British baby products retailer Mothercare plc announced it plans to sell its educational toy brand Early Learning Centre Ltd (ELC) to Teal Brands Ltd for £13.5 million pound.
The proposed sale of ELC also includes some related assets. Proceeds from the transactions will be used to cut debt by about £17.5 million over the next year.
The company, which is shutting over a third of its UK stores amid pressure from online and discount players, also said it was aiming to be debt free by the end of 2019.
Via Euronews
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