This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7801952.stm
The article has changed 7 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Adams 'poised for administration' | Adams 'poised for administration' |
(30 minutes later) | |
UK childrenswear retailer Adams has applied to go into administration, the BBC has learned. | 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. | The firm has applied to the administrators' court but has yet to be officially placed in administration. |
Adams, which has 260 outlets 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. | It joins a growing list of well-known chains going to the wall as retailers struggle, including Zavvi, MFI, Whittard and Woolworths. |
PriceWaterhouse Coopers (PWC) are likely to be appointed administrators and take over the running of Adams until a new owner can be found. | |
A spokeswoman for PWC could not tell for sure when it would be formally appointed. | |
"They put the thing into court on Christmas Eve but I cannot really say much more than that," she said. | |
Insolvency fears | |
Adams 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 company, which is celebrating its 75th year, was originally founded in Birmingham. | |
Adams also makes clothes for health and beauty retailer Boots. | |
The insolvency experts Begbies Traynor predicted only a week ago that up to 15 national retail chains would go bust by mid-January. | The insolvency experts Begbies Traynor predicted only a week ago that up to 15 national retail chains would go bust by mid-January. |