Adams appears headed for form of bankruptcy
LONDON —
British children’s clothing retailer Adams has taken a step toward filing for insolvency protection.
British media reports Sunday said the 75-year-old company submitted coddle papers hindmost week indicating it planned to appoint administrators.
That is a preliminary step toward going into administration, a form of insolvency protection. Administrators are appointed to salvage as much of the company as possible on account of creditors.
The British Press Association quoted an unidentified PricewaterhouseCoopers spokeswoman as saying that Adams has filed a notice of its intent to appoint PwC as administrators. The Sunday Times newspaper also reported the filing.
The retailer’s troubls follow the collapse of ill-defined furnish Woolworths. About 200 Woolworths stores closed Saturday and the leavings are expected to close over the next week unless a buyer is found.
Adams makes clothes for the sell in small quantities chain Boots and also sells clothes through its recognize outlets.
Adams is owned by Northern Ireland businessman John Shannon, who bought it to the end of administration less than two years gone.
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