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Adams Closes 111 Stores, 850 Jobs Lost
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by Terri Potratz | January 5, 2009 at 04:59 pm
367 views | 14 Recommendations | 2 comments
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Last week the Adams childrenswear company announced it was going into administration, and at the time the fate of its 260 stores and staff of about 2,000 was unknown.
Today, Adams announced the closure of 111 stores and jobs cuts for 850 staff members.
“We have had a number of expressions of interest in the Adams business and brand,” Rob Hunt, joint administrator from PWC, said in the statement. “As a result, we are hopeful that we will be able sell some parts of the business.”
Woolworths Group Plc, MFI Group Ltd. and music chain Zavvi Group are among U.K. retailers that have collapsed into administration as anxiety over the slowing economy saps consumer confidence. Passion for Perfume Ltd., a 45-store chain, today appointed Deloitte LLP as administrator after cutting 194 jobs.
Though the remaining Adams stores remain open for now, the future of the UK clothing retailer is volatile.
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Most RecentMost Recommended Comments (2)
at 03:54 on January 6th, 2009
Sad some how.
at 12:30 on January 6th, 2009
We have been over-retailed for about 10 years.