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05/01/2009
850 Adams Jobs To Go As Stores Close
Childrenswear retailer Adams is to shed around 850 jobs, after administrators announced the immediate closure of 111 of its stores.
The news comes five days after PricewaterhouseCoopers (PWC) were called in. It is understood the 850 staff members have been made redundant with immediate effect.
The retailer said its remaining 160 stores would stay open while administrators try to sell the company. It has over 300 stores, including 12 in Northern Ireland and 31 in the Republic.
In a statement PWC said a number of expressions of interest in the Adams business and brand have 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.
The Nuneaton-based firm blamed the decision on the "current downturn being experienced on the High Street".
Adams is the UK's largest independent childrenswear seller, and employs 3,200 people.
The chain is owned by Northern Ireland businessman John Shannon, who bought it out of administration in February 2007.
(JM/KMcA)
The news comes five days after PricewaterhouseCoopers (PWC) were called in. It is understood the 850 staff members have been made redundant with immediate effect.
The retailer said its remaining 160 stores would stay open while administrators try to sell the company. It has over 300 stores, including 12 in Northern Ireland and 31 in the Republic.
In a statement PWC said a number of expressions of interest in the Adams business and brand have 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.
The Nuneaton-based firm blamed the decision on the "current downturn being experienced on the High Street".
Adams is the UK's largest independent childrenswear seller, and employs 3,200 people.
The chain is owned by Northern Ireland businessman John Shannon, who bought it out of administration in February 2007.
(JM/KMcA)
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