Adams confirms administration action

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Childrenswear retailer Adams today confirmed it was poised to go into administration after a creditor began proceedings against it.











The 75-year-old company - which makes clothes for Boots and has its own-brand Adams children's stores - said a secured creditor had entered an application to appoint administrators.



Adams said its directors were working to resolve the situation with funders and anticipated making a further announcement within a week.



A notice of intention to appoint PricewaterhouseCoopers was filed on Christmas Eve.



In a statement Adams said: "The downturn in the high street retail market and the general tightening of the financial markets has adversely affected the financial position of the group."



Adams' woes come hard on the heels of the collapse of tea and coffee merchant, Whittard of Chelsea, music chain Zavvi and menswear retailer The Officers Club, which all fell into administration in the days before Christmas. Both The Officers Club and Whittard were subsequently sold.

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