JOBS are hanging in the balance for staff at an Accrington childrenswear store amid news the company has filed for bankruptcy.
The staff at Adams in the Arndale Centre are among the national chain’s 2,000 employees who woke on Monday morning to the news that the company had applied to the administrator’s court for bankruptcy on Christmas Eve.
An employee at the Accrington store said she knew only what was being reported in the national press and could not comment further.
Each store employs six to eight staff members.
The announcement comes as Accrington’s Woolworth store officially closes its doors this Monday.
Woolworth is closing all its stores nationwide and the Accrington store on Broadway will be one of the last to shut, with 21 workers losing their jobs.
It is thought PriceWater-houseCoopers will be formally appointed as administrators of Adams by the end of the week.
The 75-year-old company was founded in Birming-ham and has 260 shops in the UK and 116 overseas.
It reportedly owes £10M to the Bank of Ireland and £200M to John Shannon who is the sole shareholder.
Mr Shannon saved the company from administration two years ago.
Insolvency experts have predicted up to 15 national retail chains will fold by mid-January, threatening thousands of jobs.
Music retailer Zavvi, menswear retailer The Officers Club and coffee merchant Whittard of Chelsea all fell into administration just before Christmas.