It looks as if the next victim of the recession on the high street will be childrenswear retailer Adams.
According to the BBC, they’ve applied to go into administration, although at the moment they are still not officially under the control of administrators.Â
Adams has 260 shops throughout the UK, as well as stores abroad, and supplies kids’ clothes to Boots. As many as 2,000 jobs are likely to be affected should the company go bust.Â
Adams, who are currently offering up to 70% off certain lines, is likely to have been significantly affected by the heavy discounting of kids clothes by the likes of Tesco and ASDA, particularly on school clothes. George at ASDA have been selling boys school trousers for £3 for some time – even with their current big discounts, Adams’ cheapest equivalent are £4.Â
As well as Adams, there are also some serious worries about some other big names on the high street. I’ve heard from a reasonably reliable source that camera specialist Jessops has only a few days of money left, as has National Express, who announced hundreds of redundancies a few weeks ago.
There are also some concerns over furniture store Land of Leather and card sellers Clintons, and I have also heard some mention of Debenhams in the list of possible casualties, although I’m not sure how credible that is.
As and when more information becomes available, we’ll post it here at Money Watch.