Adams shuts down 111 stores
Monday 5th January 2009, 4:31PM GMT.
Adams Childrenswear has shut 111 stores with the loss of 850 jobs after calling in the administrators.
The chain appointed PricewaterhouseCoopers (PwC) as administrators five days ago amid tough trading conditions on the high street.
Rob Hunt, joint administrator and partner at PwC, said: “Since our appointment five days ago, I am pleased to say that we have had a number of expressions of interest in the Adams business and brand. As a result, we are hopeful that we will be able sell some parts of the business.
“However, following our appointment and in light of the current downturn being experienced on the high street, it is with regret that it has been necessary to effect the closure of 111 stores throughout the UK as of today.”
The remaining 160 stores will stay open as normal while the administrators attempt to find a buyer.
There has already been “a number of expressions of interest in the Adams business and brand” PwC said. The firm, which has been in business for 75 years, employs 3,200 people and has 271 UK stores.
Several other retailers have become a victim of the fall in consumer demand, including Zavvi and Whittard of Chelsea.
Woolworths, which collapsed at the end of 2008, will see the last of its stores shut down tomorrow after administrators failed to find a buyer.
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