Store closures likely for Adams chain
Administrators for childrenswear chain Adams today warned store closures were likely following the collapse of the business earlier this week.
PricewaterhouseCoopers (PwC) will make a further announcement early next week, but in the current retail environment it said some shop closures were expected as a result of its appointment.
Adams operates 271 own-brand stores and concessions throughout the UK trading under the name Adams Kids. It employs 3,200 people, with 350 staff based at its head office in Nuneaton, Warwickshire.
Rob Hunt, joint administrator and partner at PwC, said the business continued to trade but added that an urgent review of the company's financial position was under way in order to assess which stores can remain open.
He added: "Adams Kids is a well known brand on the high street and we remain hopeful that it will prove attractive to a purchaser. However, the current difficulties in the retail environment are such that some store closures are likely.
"We plan to make further communications early next week."
Adams confirmed on Monday that it planned to go into administration after a creditor began proceedings against it. PwC was appointed today.
Administrators have not been appointed to an associated group company, Mini Mode Childrenswear that has a joint venture agreement with Boots to supply clothing under the Mini Mode brand.
Worsening economic conditions have claimed a slew of high street victims in the past weeks, marking a devastating festive season for the retail sector.
This week's news that fashion store USC and Adams had called in administrators followed the collapse of firms including Woolworths, MFI, Zavvi and The Pier.
The majority of USC stores were immediately rescued in a deal with management, echoing the fate of tea and coffee retailer Whittard of Chelsea and menswear chain The Officers Club, which were both bought out of administration in the days before Christmas.
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