There's no word on the future of the Isle of Man's Adams Childrenswear store, following the news the company is to be placed in the hands of administrators.
There was a firm "no comment" from the outlet in Strand Street, Douglas this afternoon, but a media statement from the head office in Nuneaton explains the firm's position.
It says the downturn in the high street retail market and the general tightening of the financial markets have adversely affected the financial position of the group of companies concerned.
The directors are working with the group's funders to resolve the situation, and expect to make a further announcement within the next week.
The statement says a notice of intention to appoint administrators has been filed by a secured creditor of Adams Childrenswear Limited, the principal trading subsidiary of Adams Childrenswear (Holdings) Limited.
Adams has 260 stores in Britain and over 100 international outlets in the Middle East and Europe.
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