Menswear fashion chain Greenwoods has been rescued from the brink of collapse, after it was bought out of administration by Versatile International Trading.
The move means 181 jobs have been saved, but 88 people will lose their jobs thanks to the closure of 22 stores.
Two unstaffed Greenwoods concessions and a store in Rugby were closed down during the earlier stages of the administration process.
The buy-out means Greenwoods’ remaining 40 stores, central warehouse and its 11 staff, and head office and its 15 staff will now be operated by Versatile International Trading.
The retailer fell into administration on September 6, with Deloitte partners Adrian Berry and Clare Boardman called in to handle the process.
“This sale represents the best outcome for the business, which has been trading in administration for over six weeks,” Berry said.
“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.”
