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Adams chainstore applies for administration

Adams stores - 31 stores in Ireland
Adams stores - 31 stores in Ireland

Childrenswear chainstore Adams looks set to become the latest victim of the retail squeeze in the UK after it applied to appoint administrators.

It has over 100 other outlets outside the UK including 31 in Ireland.

11 are based in Shaws department stores as well as one in Arnott's in Dublin.

It is not yet clear how these outlets and shops will be affected.

The 75-year-old company, has 500 outlets in the UK, filed a notice of its intention to appoint PriceWaterhouseCoopers as administrators on Christmas Eve.

Adams' woes come hard on the heels of the collapse of a number of UK retailers.

Adams has around 260 stores among its 500 distribution outlets in the UK and is understood to employ around 2,000 people. It also has 103 international outlets in the Middle East and Europe.

The company was founded in Birmingham in 1933 by Amy Adams.

Adams is owned by Northern Ireland businessman John Shannon, who bought it out of administration in February last year and closed 42 of its shops.

Under Mr Shannon, a former chairman of footwear firm Stead & Simpson and clothing chain Country Casuals, the company has focused on affordable kids’ fashion.

Noone from Adams was available to comment.

In recent months, the UK high street has witnessed a swathe of retail failures as companies buckled under the strain of soaring costs, falling consumer spending and the credit crunch.

Stores slashed prices in the Christmas season in a bid to tempt shoppers squeezed by the credit crunch, but analysts believe it is unlikely this will be enough to salvage the beleaguered sector.

Insolvency experts Begbies Traynor have predicted that as many as 15 UK retail chains could go bust by mid-January.