Login to UKBP
Commercial Property News
Adams close 111 stores at a cost of 850 jobs
Around 850 staff were made redundant at retailer Adams Childrenswear today after administrators announced the immediate closure of 111 stores.
In a statement PricewaterhouseCoopers, appointed as administrators on December 31, said Adams' remaining 160 stores will stay open whilst efforts continued to find a buyer for the business.
It said a number of expressions of interest in the Adams business and brand had been received.
"As a result, we are hopeful that we will be able to sell some parts of the business," said Rob Hunt, joint administrator and partner at PWC.
"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. Unfortunately, this will inevitably lead to a number of job losses and 850 people across the company will be made redundant with immediate effect. My team and I will be doing all we can to help these employees at this difficult time."
The closures affect sites in Glasgow, Belfast, Leeds, Birkenhead, Blackpool and Coventry, among others.
Operating from its base in Nuneaton, Adams is the largest independent childrenswear retailer in the UK with an annual turnover of £150m. It operates 270 stores and concessions throughout the country trading under Adams Kids. The company also supplies a number of overseas franchises.
Adams was rescued from administration less than two years ago, but since then worsening sales have made it harder for the firm to shoulder some £30m of debt. Under fierce competition from supermarkets and other high street retailers, it has struggled to carve out a niche for itself.
In a statement PricewaterhouseCoopers, appointed as administrators on December 31, said Adams' remaining 160 stores will stay open whilst efforts continued to find a buyer for the business.
It said a number of expressions of interest in the Adams business and brand had been received.
"As a result, we are hopeful that we will be able to sell some parts of the business," said Rob Hunt, joint administrator and partner at PWC.
"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. Unfortunately, this will inevitably lead to a number of job losses and 850 people across the company will be made redundant with immediate effect. My team and I will be doing all we can to help these employees at this difficult time."
The closures affect sites in Glasgow, Belfast, Leeds, Birkenhead, Blackpool and Coventry, among others.
Operating from its base in Nuneaton, Adams is the largest independent childrenswear retailer in the UK with an annual turnover of £150m. It operates 270 stores and concessions throughout the country trading under Adams Kids. The company also supplies a number of overseas franchises.
Adams was rescued from administration less than two years ago, but since then worsening sales have made it harder for the firm to shoulder some £30m of debt. Under fierce competition from supermarkets and other high street retailers, it has struggled to carve out a niche for itself.
Mon, 5th Jan 2009