USC Goes under for a bit !!!!!!
USC, the fashion chain backed by Sir Tom Hunter, today became the latest high street name to enter adminstration.
Branded casualwear chain USC has 58 stores, and Hunter's investment vehicle West Coast Capital is to immediately buy 43 of them out of administration. The remaining 15 stores wil close following the latest so-called "pre-pack" deal.
The pre-pack will save the jobs of 1,127 of USC's 1,400 staff at the business which is based in Dundonald in Scotland.
Bryan Jackson of PKF has been appointed administrator. "As has been well publicised retail operators are facing extremely challenging times. Given these circumstances this is a positive deal which retains the majority of jobs and shops," he said.
USC in its day was a haven for bams, the place was mobbed, the one on Argyle Street was always rammed full, always seen guys getting chased out with 7 or 8 staff in hot pursuit, the guys who sold it to tom hunter for over £45 million must be having a grin into their champagne.
Especially now their brand Gio Goi has been bought into by the Pentland Group and is about to go worldwide, not bad going.
But USC was on the path to ruin for the past few years, terrible stock and when they started to merge USC with D2 that was the end, USC went from being a half deent store to selling own brand product and became similar to Burton.
Greed was their downfall, opening to many stores in crap loations, just like Envy, Joy & the rest, then getting saddled with high rent and service charges, Luckily Tom Hunter was there to bail them out, aye right.
Childrenswear retailer Adams has applied to go into administration.
Adams, which has about 260 stores in the UK and around 2,000 staff, is expected to appoint PriceWaterhouseCoopers as administrator this week.
The 75 year-old company was rescued from administration almost two years ago by retail veteran John Shannon. As well as retailing from stores in the UK, it has an international franchise business and also supplies Boots with childrens clothing.
Adams is set to follow Zavvi, Whittard and The Officers Club, all of which went into administration in the days immediately before Christmas.
Branded casualwear chain USC has 58 stores, and Hunter's investment vehicle West Coast Capital is to immediately buy 43 of them out of administration. The remaining 15 stores wil close following the latest so-called "pre-pack" deal.
The pre-pack will save the jobs of 1,127 of USC's 1,400 staff at the business which is based in Dundonald in Scotland.
Bryan Jackson of PKF has been appointed administrator. "As has been well publicised retail operators are facing extremely challenging times. Given these circumstances this is a positive deal which retains the majority of jobs and shops," he said.
USC in its day was a haven for bams, the place was mobbed, the one on Argyle Street was always rammed full, always seen guys getting chased out with 7 or 8 staff in hot pursuit, the guys who sold it to tom hunter for over £45 million must be having a grin into their champagne.
Especially now their brand Gio Goi has been bought into by the Pentland Group and is about to go worldwide, not bad going.
But USC was on the path to ruin for the past few years, terrible stock and when they started to merge USC with D2 that was the end, USC went from being a half deent store to selling own brand product and became similar to Burton.
Greed was their downfall, opening to many stores in crap loations, just like Envy, Joy & the rest, then getting saddled with high rent and service charges, Luckily Tom Hunter was there to bail them out, aye right.
Childrenswear retailer Adams has applied to go into administration.
Adams, which has about 260 stores in the UK and around 2,000 staff, is expected to appoint PriceWaterhouseCoopers as administrator this week.
The 75 year-old company was rescued from administration almost two years ago by retail veteran John Shannon. As well as retailing from stores in the UK, it has an international franchise business and also supplies Boots with childrens clothing.
Adams is set to follow Zavvi, Whittard and The Officers Club, all of which went into administration in the days immediately before Christmas.
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