Adams Childrenswear Nearing Bankruptcy

Adams Childrenswear Nearing Bankruptcy
January 05, 2009

British children's clothing retailer Adams Childrenswear Ltd. recently went into a form of bankruptcy, making it the latest well-known British retailer to fall victim to the economic downturn, according to the Associated Press. The 75-year-old central England-based retailer went into administration after being hit by slumping consumer demand, said PricewaterhouseCoopers, the company's administrator. Rob Hunt, a partner at PricewaterhouseCoopers, said that stores would remain open as the administrator looked for a buyer for the company and reviewed its financial position. Adams Childrenswear employs 3,200 people and has 271 stores in Britain operating under the name Adams Kids, as well as more than 100 international outlets in the Middle East and Europe. The company is owned by Northern Ireland businessman John Shannon, who bought it out of administration less than two years ago. Adams joins a series of big British retail brands to be hit by the economic turmoil--clothing retailer USC, 99-year-old general store Woolworths, and tea and coffee merchant Whittard of Chelsea have already been forced to file for administration.