(Reuters) – British baby products retailer Mothercare plc said on Tuesday it plans to sell its educational toy brand to Teal Brands Ltd for 13.5 million pounds ($17.85 million) as it looks to cut debt.
The proposed sale of Early Learning Centre Ltd also includes some related assets. Proceeds from the transactions will be used to cut debt by about 17.5 million pounds 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 this year.
(Reporting by Pushkala Aripaka in Bengaluru)