The company has not announced which stores will close, but has confirmed 800 jobs throughout the United Kingdom will be affected. Mothercare has 13 stores in the region: Manchester Fort, Crown Point Denton - which has already lost its M&S Outlet this year - Stockport, Macclesfield, Altrincham, Warrington, Blackburn, Prescot, Preston, Aintree Racecourse Retail Park, Bromborough, Chester and Llandudno. It will have just 78 by 2020, down to 72 two years after that.
The company hopes that the shake-up will prevent it from falling into administration - but has not yet specified which stores will close.
"Of course we regret having to close stores and the impact this will have on colleagues".
"Retailers considering a CVA should also be aware that it is not always possible to save the business from entering into administration and total closure, as happened in the case of Toys R Us".
The company also said it would reappoint Mark Newton-Jones, the chief executive who left in April following a profit warning.
Newton-Jones' replacement as CEO David Wood, a former Tesco executive, will become group managing director.
This is made up of a proposed equity capital raising of £28m expected to be launched in July 2018, a revised committed debt facilities of £67.5m, new £8m shareholder loans from certain of the company's largest shareholders and a new debtor-backed facility of up to £10m from one of the company's trade partners.
The shake-up aimed at restoring the fortunes of the chain are likely to result in hundreds of job losses.
Mothercare declined to elaborate on a statement it issued on Monday, in which it said it was "finalising a comprehensive restructuring and refinancing package to put the business on a stable and sustainable financial footing".
"However, there remains much to do and we must maintain a disciplined focus on cost control and cash generation throughout the business, but these measures provide a solid platform from which to reposition the group and begin to focus on growth, both in the United Kingdom and internationally".
A number of reasons have been cited for failures on the High Street, including a squeeze on consumers' income, the growth of online shopping and the rising costs of staff, rents and business rates.