UK's kids retailer Adams Childrenswear shuts 111 stores

Specialist kids clothing retailer for children, Adams Childrenswear Ltd, which sells baby clothes, school uniforms and clothes for children from two to 10 years has announced closure of 111 of its 271stores all over the UK, after passing into administration last week.

The childrenswear retailer is the latest high street chain to falter as the global credit crisis and recession leads to consumers cutting down on spending.

The high profile Strand Street store was one of 111 outlets to shut shop, while the remaining 160 stores will remain open as administrators try to find a suitable buyer for the company. The closure of two-fifths of the group's stores has eliminated 850 jobs.

Adams said, ''The current downturn being experienced on the high street" was the main reason for the company's plight.

It appointed PricewaterhouseCoopers on 31 December 2008, to look into the affairs of the company. The accounting firm said it was optimistic that it may be in a position to sell some parts of the business.

Rob Hunt from the administrators PricewaterhouseCoopers said that, "Since we have come into the picture five days ago, we are happy to say that there have been a number of expressions of interest in the Adams business and brand."