Mothercare has reduced its chief executive’s pay as he returns to lead a turnaround.
The ailing babywear retailer ousted Mark Newton-Jones as boss in April.
But on Thursday the firm said he would come back as it undertakes a store closure plan which could see 800 jobs lost.
Job losses: Mothercare has proposed closing 50 stores as part of a company voluntary agreement
Mothercare yesterday revealed Newton-Jones will be paid £480,000 on his return, having previously received a basic salary of £612,000.
The firm has proposed closing 50 stores as part of a company voluntary agreement (CVA), an insolvency procedure that requires the approval of landlords.
Mothercare also announced a refinancing package worth up to £113.5m.
- Whitbread chief executive Alison Brittain’s pay was reduced to £2.3m last year from £2.5m a year earlier, it was revealed last night.