Loughborough’s Greenwoods is to stay open
LOUGHBOROUGH’S Greenwoods store is to remain open despite 22 other stores closing.
At the start of October the Echo reported that the menswear and suit hire firm had gone into administration.
It was announced on September 6, that Greenwoods Menswear and Suit Hire, had appointed Adrian Berry and Clare Boardman of Deloitte LLP as administrators.
They have now confirmed that the Loughborough store will remain open after the sale of the company to Versatile International Trading Limited on the October 20.
The sale will see 40 retail stores, the central warehouse and head office functions transferring to the buyer and will protect the jobs of 181 employees.
The remaining 22 stores will close immediately, resulting in 88 redundancies.
This follows the prior closure of two unstaffed concessions and one store (Rugby) at an earlier stage of the administration.
Adrian Berry said: “This sale represents the best outcome for the business, which has been trading in administration for over six weeks.
“A significant proportion of the employees now have their jobs protected and we would like to thank all of them for their support during this difficult period.”
The company operated from 63 stores and throughout the UK, with its head office and warehouse located in Bradford, West Yorkshire.
At the time of the appointment there were 318 employees, of which 292 worked in stores, 15 at the head office and 11 in the warehouse.
Stores that are set to close include those in Northampton, Derby and Corby.