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Adams 'to go into administration'
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by mudricky | December 28, 2008 at 04:42 am
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UK firm Adams, who makes and sells children's clothes and footware have applied to go into administration.
The report was revealed by the BBC and will bring another blow to British retailers.
Adams has 260 outlets in its UK chain and 103 internationally, employing about 2,000 people.
Insolvency experts Begbies Traynor predicted last week that up to 15 national UK retail chains would go bust by mid-January.
Adams has now applied to the administrators' court, but has yet to be officially placed in administration.
Adams 'poised for administration'
UK childrenswear retailer Adams has applied to go into administration, the BBC has learned.
The firm has applied to the administrators' court but has yet to be officially placed in administration.
Adams, which has 260 stores in its nationwide chain and 166 outside the UK, employs about 2,000 people.
It joins a growing list of well-known chains going to the wall as retailers struggle, including Zavvi, MFI, Whittard and Woolworths.
PriceWaterhouse Coopers are likely to be appointed administrators and take over the running of Adams until a new owner can be found.
It is currently owned by the Northern Ireland businessman John Shannon, who bought the company early last year and closed 42 branches at the time of purchase.
The insolvency experts Begbies Traynor predicted only a week ago that up to 15 national retail chains would go bust by mid-January.
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mudricky
Glasgow, Scotland, United Kingdom
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Most RecentMost Recommended Comments (4)
at 06:18 on December 28th, 2008
And the list keeps on growing and growing and the number of unemployed with it, from the thousands into the millions of unemployed.
We seem to be moving from a global recession into a global depression.
at 10:28 on December 28th, 2008
The UK will see more I'm sure.
at 14:47 on December 28th, 2008
I live on a small island with one main shopping street and no big centres like london and manchester.
And this is the 5th shop set to close in our high street in the same amount of months.
Along side the smaller stores first woolies and now adams its making people ask what will be left this time next year.
at 22:59 on June 7th, 2009
This is the 5th shop set to close in our high street in the same amount of months.Along side the smaller stores first woolies and now adams its making people ask what will be left this time next year.