Childrenswear retailer Adams has been saved as a high street brand by former owner John Shannon after he bought the company out of administration over the weekend.
It was not yet clear this morning (Monday Feb 16) how the new firm, JS Childrenswear, will shape the marketing team and activity. The new firm has taken on the firm’s remaining 1,900 staff and 120 stores. 100 stores have closed since the company went into administration in December.
Administrators PricewaterhouseCoopers says the deal shows retailers “with the right business model can be rescued in the current economic climate.”
Specialist childrenswear retailers have succumbed to the same competitive pressure as other high street specialists as supermarkets increasingly expand into non-food territory.
Meanwhile it has been reported that chairman of shoe retail group Stylo Michael Ziff is bidding to rescue the company that owns the Barratt and Priceless shoes retail brands from administration.
Administrators Deloitte, who took over handling of the company on Friday, are not commenting on reports. However, a source close to the talks has indicated it is far from a done deal at this stage.