Slaughter and May and Hogan Lovells have advised on the restructuring of Mothercare, as the company announces plans to close of a raft of stores across the country.

The baby products retailer has proposed a company voluntary arrangement (CVA), which, if approved, will see the closure of 50 stores across the country, threatening hundreds of jobs.

The company, which employs 3,000 staff across 137 outlets, has also set out a refinancing package that will provide funding of up to £113.5m, including a proposed equity capital raising of £28m.

Slaughters, a longstanding adviser to Mothercare, is acting for the company on the restructuring, while Hogan Lovells is advising Ora Capital, DC Thomson and Lombard Odier, which have agreed to inject £8m into the company.

The lead partners for Hogan Lovells are banking partner Andrew Taylor and corporate finance Daniel Simons, both of who are based in the firm's London office.

King & Spalding, meanwhile, is advising newly reappointed Mothercare chief executive Mark Newton-Jones, who returned to the company in the role this week after being fired last month. The US firm's team includes employment partner Jules Quinn and corporate partner William Charnley.

DLA Piper, which has acted Mothercare in the past, is understood to be advising on employment matters related the restructuring, although the firm did not provide further details. Slaughters also declined to comment.

Both Slaughters and Hogan Lovells also advised on Mothercare's £100m rights issue in September 2014. Hogan Lovells advised the joint book runners and joint sponsors, while US firm US firm Paul Weiss Rifkind Wharton & Garrison was also brought in for the company.

Mothercare's in-house legal team is led by group general counsel and company secretary Alice Darwall, who joined last year from UK textile services company Berendsen. She succeeded interim GC Andrew Eames, who had taken over from Daniel Talisman in July following his resignation after less than two years at the company.

Mothercare is one of many big-name retailers facing financial difficulties amid dwindling consumer interest in the high street. House of Fraser recently announced that it is undertaking its own restructuring, advised by Freshfields Bruckhaus Deringer, while US firm Kirkland & Ellis has taken a lead role on the collapse of Toys R Us in both the UK and the US.