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Mothercare and Moss Bros slip from FTSE 100

Mothercare and Moss Bros have both dropped out of the FTSE 100, with Marks & Spencer just surviving the cut.

The London Stock Exchange announced the news as part of its quarterly reshuffle of the UK’s 100 largest companies by market cap. The retailers were both demoted from the FTSE All-Share to the FTSE Fledgling Index, after their market value reduced.

Shares in Mothercare have been down 48% since January and Moss Bros shares have fallen 46% for the same period. Both have issued profit warnings this year. Shares in M&S have been down 5.5% this year, it recently announced plans to close 100 stores by 2020.

Meanwhile, creditors of Mothercare, which is undergoing a restructuring, will vote on 1 June on whether to approve a Company Voluntary Agreement (CVA). The retailer needs to secure at least 75% creditor approval for the CVA for it to proceed.

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