Adams to remain on the high streetChildrenswear chain Adams in rescue deal
16 February 2009
The childrenswear chain Adams will stay on the high street after securing a rescue deal.
Adams called in the administrators six weeks ago after a sharp drop in trading but has now agreed a deal with its former owner.
The business was sold to Northern Irish businessman John Shannon, who also bought Adams in 2007.
Saving the Adams brand
Administrator PricewaterhouseCoopers (PwC) said the deal would preserve the Adams brand and save 1,900 jobs.
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.'
Barratts also fighting back
The parent company of shoe chains Barratts and PriceLess, Stylo, called in the administrators last week - but its chairman is reported to be planning to buy back 200 stores.
Michael Ziff, whose family owns 65% of the group, is working on the deal with administrator Deloitte, according to the Sunday Times.
Protecting your money
If a company you've bought goods from goes bust you may still be abel to get your money back if you paid with a credit card and spent more the £100. For more information see the Which? guide to the Consumer Credit Act.
Which? RSS feed
For daily consumer news, subscribe to the here. If you have an older web browser you may need to copy and paste this link into your newsreader: http://www.which.co.uk/feeds/reviews/news.xml . Find out more about RSS in the Which? guide to news feeds.