Greenwoods menswear in rescue deal, some stores will still close

By

Sandra Halliday

Published
Oct 24, 2017

Menswear retailer Greenwoods has been rescued after new company Versatile International Trading bought the Yorkshire-based firm out of administration.

The deal has saved almost 200 jobs although just under 90 jobs will go and 22 stores will definitely be closed. The company had already started closing down sales at some sites earlier this month. 

The firm will now be left with 40 stores plus its central warehouse and head office.

The 157 year-old company had called in administrators in early September as, despite its £63 million a year turnover, it was unable to make money due to the “challenging” conditions in the UK fashion retail sector.

The administrator said the deal with Versatile is “the best outcome for the business,” which had continued to trade in the past six weeks. However, the suit hire part of its business had ceased to trade.

This part of the menswear section has proved tough for even the chain’s larger peers with the category’s best known name, Moss Bros, earlier reporting higher sales generally but a  dip in hire revenues.