MCR partner Paul Clark said: "Like many retailers, it has experienced a difficult trading environment during the course of the past 12 months which has been exacerbated by a further downturn and general tightening of the credit markets."
The company has history which goes back to 1933 and despite the fact that the original 271 store portfolio was reduced to 125 stores after the last restructuring, there appears to be more pain coming the way of Adams in the short term. Even though the company has a number of prominent contracts with leading UK retailers it continues struggle and is the latest casualty of the UK economic downturn.
Businessman Paul Shannon bought the business in 2009 and rescued it from administration again last year, before selling it on to the Pakistani firm Habib Alvi. Since then, it has been dogged by reports of falling sales and delayed payments to suppliers.
Can anyone think of any businesses that have gone into insolvency more often than Adams?