Almost 2,000 jobs saved at clothing company Adams
Childrens-wear 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 from collapse in 2007.
PwC said the sale would preserve the Adam’s brand and save the jobs of the chain’s remaining 1,900 workers and 120 stores in Ireland and the UK.
The deal between PwC and Mr Shannon’s newly formed company, JS Childrenswear, comes just six weeks after administrators were called in to the ailing firm.
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 alike in these uncertain times...
“The new company will continue to trade under the Adams name, meaning this brand will not be one of the retail names disappearing from the high street in the current recession.
“This transaction also demonstrates that with the right business model, retailers can be rescued from administration in the current economic climate.”
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.
The firm sells babywear, school uniforms and clothes for children aged from two to 10 years.