Kidswear chain Adams sell out prevents 3,000 lay offs
05 Feb '07
1 min read
Kids clothing chain Adams has been bought out, which saves over 3,000 employees from being laid off. Nuneaton based company is Britain's biggest retailer of children's apparel, with a turnover of £200 million per year.
About 273 Adams outlets countywide are prevented from closure through this transaction. Retail entrepreneur John Shannon, ex-Chairman of footwear enterprise Stead & Simpson as well as clothing chain Country Casuals, is involved in this deal.
PricewaterhouseCoopers (PwC) has acquired the company. PwC was not able to retain 42 company branches, which can result into 400 job losses.
Larger number of stores would have shutdown and more employees would have lost their jobs, had the deal not been completed according to PwC Partner Rob Hunt.
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