Adams looks to raise funds to avoid administration
Adams looks to raise funds to avoid administration
Monday 29th December 2008
Children's clothes chain Adams is looking to raise funds by the end of the week to avoid facing administration.The firm is facing proceedings from a creditor which led to a notice to appoint administrators, which will expire on January 2nd.
Adams was due to celebrate its 75th anniversary in 2009 and now employs around 2,000 people at 260 stores.
It remains uncertain what parts of the business could be sold off and what could be saved.
The Sunday Times reported at the weekend that the store owes £10 million the Bank of Ireland division Burdale, and £20 million to owner John Shannon, who bought the company out of administration in 2007.
Adams is now following national chains Zavvi, Woolworths, Whittard of Chelsea, The Officers Club and MFI, which have all recently gone into administration.
Scottish fashion store USC also today went into administration. However, a deal with Dundonald Holdings sees 43 of the firms 58 stores bought up and maintaining 1,120 jobs.
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