CHILDRENSWEAR CHAIN Adams will remain on the high street after a rescue deal with its former owner that will preserve 1,900 jobs, administrators have said.
PricewaterhouseCoopers (PwC) said the business was sold to Northern Ireland businessman John Shannon – who originally bought Adams out of administration two years ago. PwC said the sale would preserve the Adams brand and save the jobs of the chain’s remaining 1,900 workers and 120 Irish and British stores.
The deal between PwC and Mr Shannon’s newly formed company, JS Childrenswear, comes just six weeks after administrators were called in. PwC has closed 147 stores and shed more than 1,100 jobs at the chain as a downturn in consumer spending battered the already struggling retailer.
Rob Hunt, joint administrator and partner at PwC, said: “We are delighted to be able to secure this business sale and provide some much-needed stability for customers, suppliers and employees.”
He said the sale was the “best deal” for all concerned, adding that administrators had received “a number of expressions of interest” for the chain.
Adams had previously been bought out of collapse by Mr Shannon in February 2007.
The group had appeared to be showing signs of improvement recently, posting a 25 per cent increase in like-for-like sales in boys’ and girls’ fashion ranges in spring last year.
But a sharp deterioration in trading, combined with competition from supermarkets, reportedly hit its ability to service its debts. – (PA)
