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Mothercare Australia Limited (ASX:MLC) has appointed voluntary administrators after its suitor walked away from a deal to acquire the company.
The maternity and childrenswear retailer’s shareholders approved the proposed deal to sell the business to Myer Family Company Holdings in December 2012.
Mothercare Australia says Myer terminated the sale agreement earlier this week after some conditions set as part of the sale were not fulfilled or waived.
The company has advised voluntary administrators will now be conducting an urgent assessment of its financial affairs and that trading will continue.
Mothercare Australia reported a net loss of $12.3 million in the 2012 financial year.
