Kidswear chain Adams has been rescued from administration by its former owner John Shannon.
John Shannon, who originally bought the chain in January 2007, completed a deal via a new company called JS Childrenswear, to save 120 stores and 1,900 jobs at Adams on Saturday.
Adams went into administration on December 31. Since then administrators PricewaterhouseCoopers have shut almost 150 stores.
Rob Hunt, joint administrator and partner at PricewaterhouseCoopers said: “The new company will continue to trade under the Adams name, meaning this brand will not be one of the retail names disappearing from the high street in the current recession. The sale was one of a number of expressions of interest and represented the best deal for all stakeholders. This transaction also demonstrates that with the right business model, retailers can be rescued from administration in the current economic climate.”