850 jobs axed at Adams chain

[timezone]

850 jobs axed at Adams chain

By Holly Williams, PA
Monday, 5 January 2009

Around 850 staff were made redundant at failed childrenswear chain Adams today after administrators announced the closure of 111 stores.

PricewaterhouseCoopers (PwC), which was appointed to the firm on New Year's Eve, said the job losses were "inevitable" but added that it had received a number of expressions of interest in the Adams business and brand from prospective buyers.

The remaining 160 Adams stores will remain open while efforts are made to secure a sale.

Adams continues to employ 2,350 staff, and PwC said it was "hopeful" of being able to sell some parts of the business.

Rob Hunt, joint administrator and partner at PwC, said: "In light of the current downturn being experienced on the high street, it is with regret that it has been necessary to effect the closure of 111 stores throughout the UK as of today.

"Unfortunately, this will inevitably lead to a number of job losses and 850 people across the company will be made redundant with immediate effect. My team and I will be doing all we can to help these employees at this difficult time."

Stores are being closed at locations including Glasgow, Leeds, Blackpool, Coventry, Bolton and Wigan.

[kiwimaj]

850 jobs axed at Adams chain

By Holly Williams, PA
Monday, 5 January 2009

Around 850 staff were made redundant at failed childrenswear chain Adams today after administrators announced the closure of 111 stores.

PricewaterhouseCoopers (PwC), which was appointed to the firm on New Year's Eve, said the job losses were "inevitable" but added that it had received a number of expressions of interest in the Adams business and brand from prospective buyers.

The remaining 160 Adams stores will remain open while efforts are made to secure a sale.

Adams continues to employ 2,350 staff, and PwC said it was "hopeful" of being able to sell some parts of the business.

Rob Hunt, joint administrator and partner at PwC, said: "In light of the current downturn being experienced on the high street, it is with regret that it has been necessary to effect the closure of 111 stores throughout the UK as of today.

"Unfortunately, this will inevitably lead to a number of job losses and 850 people across the company will be made redundant with immediate effect. My team and I will be doing all we can to help these employees at this difficult time."

Stores are being closed at locations including Glasgow, Leeds, Blackpool, Coventry, Bolton and Wigan.


With the advent of Primark, I am not surprised in the slightest with this news.

But when o when is that really ANNOYING store DFS closing up for good...they are the pits, including their totally fictitious sales. There was a documentary on them a while back, apparently the items that are so called "half price" were never full price in the first place...just a great big con !

[mido]

You're right about DFS - wonder how long they'll survive?

MFI are now history. I know they were renowned for 'cheap' but to think the whole outfit was sold for £1 - twice! [Private equity firm Merchant Equity Partners bought it in 2006 for a quid and shut down half the stores, then in 2008 it was sold on for £1 again].

Do the sums on retailing and a lot of the time they don't add up to profit, which is why so many companies are trading with massive debt.