Closures likely at Adams
ADMINISTRATORS for children's fashion chain Adams have warned that store closures are likely, putting up to 3,200 UK jobs at risk.PricewaterhouseCoopers, which has taken charge of the group, will make an announcement on Adams's future early this week, but it has already said some of its shops were expected to close.
ADMINISTRATORS for children's fashion chain Adams have warned that store closures are likely, putting up to 3,200 UK jobs at risk.
PricewaterhouseCoopers, which has taken charge of the group, will make an announcement on Adams's future early this week, but it has already said some of its shops were expected to close.
Adams, which has a shop in Great Yarmouth, has not agreed a pre-pack deal to attract an immediate buyer and salvage parts of the business.
Rob Hunt, joint administrator and partner at PwC, said an urgent review of the company's financial position was under way to assess which stores can remain open, but he added that finding a buyer was still the aim.
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“We remain hopeful that it will prove attractive to a purchaser,” he said.
The news comes amid forecasts retail insolvencies will rocket in the next quarter. Data specialist Experian predicts 440 retailers will collapse before the end of April as conditions on the high street continue to deteriorate.
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