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Monday December 29th 2008
Adams on brink of administration
Archived article dated Monday December 29th 2008
Adams could be the latest victim of the retail slump after it applied to go into administration yesterday.
Adams has around 260 stores among its 500 distribution outlets in the UK and is understood to employ about 2,000 people. It also trades from 103 international outlets in the Middle East and Europe.
Adams' collapse follows tea and coffee merchant, Whittard of Chelsea, music chain Zavvi and menswear retailer The Officers Club, which all went into administration before Christmas. Adams applied to appoint PricewaterhouseCoopers as administrators last week. A spokeswoman for PricewaterhouseCoopers said it was not certain when the firm would be formally appointed to take control of the business.She added: "They put the thing into court on Christmas Eve but I cannot really say much more than that."
Begbies Traynor, the restructuring group, expects up to 15 retailers to go bust by the end of next month.
Tagged as: adams
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