Quote:
Originally Posted by grego
They had a sign outside which read "Clothing down sale" thought it was just a bit of fun.
I know the shops that are closing are part of larger chains, but its the fact that they are then taken over by charity/pound shops which bothers me.
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It might be one of the ones being saved;
More 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.