Mothercare boss Daniel Le Vesconte has been ousted with immediate effect, bringing an end to his five-month spell in charge.
Le Vesconte became the retailer’s first chief executive in two years when he was appointed in January this year.
However, shares in the London-listed retailer are down 30% year to date, with the situation worsening when the firm revealed it may need to issue more shares to pay debts.
Mothercare’s UK arm collapsed in 2019, while plans to focus operations abroad were scuppered by war in Ukraine and the subsequent suspension of business in Russia, which accounted for nearly a quarter of profits.
Chairman Clive Whiley and finance boss Andrew Cook will again take over CEO duties, as they did before Le Vesconte’s arrival until a new boss is found.
Whiley said: “The board believes that a change in CEO is in the best interests of the company and its shareholders.
Shares were down 2.6% to 5.4p.