Adams Childrenswear falls into administration for the third time in three years.
Childrenswear chain Adams has been placed into administration again, putting more than 2000 jobs at risk. Restructuring experts MCR and Gerald Edelman have been appointed as joint administrators to the company's US parent JS Childrenswear. This is the third time the company has been placed into administration in as many years and a buyer is being sought for the company, which is trading as normal for the moment.
MCR partner Paul Clark said: "Like many retailers, it has experienced a difficult trading environment during the course of the past 12 months which has been exacerbated by a further downturn and general tightening of the credit markets."
The last restructuring reduced the number of stores from 271 to 125, but it has continued to struggle despite a number of prominent contracts with leading UK retailers.
Businessman Paul Shannon bought the business in 2009 and rescued it from administration again last year, before selling it on to the Pakistani firm Habib Alvi. Since then, it has been dogged by reports of falling sales and delayed payments to suppliers.
Posted at 07:58PM Jan 26, 2010 by Kelly Board in The Economy | Comments[0]
