Adams gone into Administration?

Baby_A

I went into the Wimbledon store and they have a sign up saying that the store is now closed and to visit the adams website to find out where the nearest one is.

It then gives the address mentioning its gone into administration! I was hoping to use up some Adams gift vouchers today!

smartie1976

The adams kids site seems to be fully functional?
Is that the same thing/group?

http://adams.co.uk/shop/home.html

spaggy

Baby_A wrote:

I went into the Wimbledon store and they have a sign up saying that the store is now closed and to visit the adams website to find out where the nearest one is.

It then gives the address mentioning its gone into administration! I was hoping to use up some Adams gift vouchers today!

same at the cambridge store too.....

naz.2000

according to the website my local one no longer exists either (even though it recently had a refurb!)

But I did use the online service on weds and had the parcel delivered today , so very impressed!

bluedog

Odd this because the shutters were down on the Banbury store aswell....

a quick google search came up with this - first I've heard of any of it




[FONT=Verdana, Arial, Helvetica, sans-serif]Adams Kids backers to lose £10 million[/FONT][FONT=Verdana, Arial, Helvetica, sans-serif]
[FONT=Verdana, Arial, Helvetica, sans-serif]</STRONG>Private equity houses and banks behind children’s clothing retailer Adams Kids are expected to lose over £10 million when the company is auctioned off later this week. There are thought to be five bidders for the troubled retailer’s parent Myriad, but press reports have suggested that it is unlikely to be sold for more than £20 million, compared to the £30 million worth of debt it owes to a syndicate led by Barclays. It was this consortium that called in PricewaterhouseCoopers in December to run the auction. Adams has warned that it may breach its banking covenants at the end of this month and if this happens before it can be sold, the syndicate can put the company into administration.
[/FONT][/FONT]

angelbreeze

do a search on here because i remember reading something about this before christmas

angelbreeze

think this is the link,never done this before so don't know if it will work
http://forums.moneysavingexpert.com/showthread.html?t=329874&highlight=adams

BargainJunky

Chelmsley Wood store (Birmingham) open as normal today. Didnt see any notices.

tubbies74

3,000 jobs saved in Adams deal


Just seen this



« Previous « PreviousNext » Next »
View GalleryMore than 3,000 retail jobs have been saved after the childrenswear chain Adams was bought out of administration.
The deal involving retail entrepreneur John Shannon - formerly chairman of footwear firm Stead & Simpson and clothing chain Country Casuals - ensures that 273 stores around the UK will remain open.

PricewaterhouseCoopers (PwC), which was appointed as administrator on Thursday, said it had not been possible to save 42 branches, affecting around 400 jobs.

PwC partner Rob Hunt said: "If we had not been able to complete this transaction it is highly likely that significantly more store closures and redundancies would have occurred."

Operating from Nuneaton, Adams is the largest specialist retailer of children's clothing in the UK with an annual turnover of £200 million. It also has a number of overseas franchise outlets and retail customers, which PwC said would continue to be served following the deal.

Adams holding company, Myriad Childrenswear and its clothing subsidiary TU Childrenswear are not impacted by the deal and continue to operate as normal under the control of their directors.

PwC said the deal with Mr Shannon was completed immediately following its appointment as administrators to the company.

Mr Hunt added: "This sale will enable 273 stores to continue trading, safeguard some 3,200 jobs and ensure that Adams continues to have a place on the high street."

One media report said Mr Shannon paid less than £20 million for the shops.

It is the second retail rescue in as many days after Kwik Save said an investment company had agreed to take a majority stake in the business. A new chief executive and chairman will be appointed to steer the group.



Copyright (c) Press Association Ltd. 2007, All Rights Reserved.
Last Updated: 02 February 2007

brindles01

I heard on the radio that some company had bought them out and that 250 odd stores are safe from closure.

^!£$&

60 Adams stores have been closed today!

I work for adams and luckily my store is one thats staying open!

As far as those stores that are still open are concerned its business as usual!