Adams latest credit slump casualty
CHILDRENSWEAR retailer Adams has become the latest high street casualty following confirmation that it has gone into administration.
The chain, which has 260 outlets across the UK including in Leeds, Bradford and Sheffield, joins a list of national retailers going out of business such as MFI and Woolworths.
The clothing chain confirmed that it applied to the administrators’ court on Christmas Eve but that its directors are hoping to secure rescue funds before a January deadline.
The company, which was founded in Birmingham and is celebrating its 75th year, makes clothes for health and beauty chain Boots.
It was bought last year by Northern Ireland entrepreneur John Shannon with the closure of 42 branches.
Its failure is further proof that the High Street is struggling to beat the credit crunch.
Insolvency firm Begbies Traynor has predicted that up to 15 nationwide retailers will go under by early January despite unprecedented price cutting.
Last week troubled music store Zavvi called in the administrators putting 3,400 jobs at risk.
Zavvi’s main supplier is Woolworths’ unit Entertainment UK (EUK), which went into administration on November 27.
But there is still hope as the sales of tea and coffee specialist Whittards and menswear chain The Officers Club demonstrates. Both firms have been sold out of administration.
