National menswear chain, with King’s Lynn outlet, goes into administration
The Greenwoods Menswear and Suit Hire chain, which has a store in Broad Streeet, Lynn, today announced that it had gone into administration.
The Bradford-based clothes store has 63 shops nationwide and employs 318 people. Reports said it has an annual turnover of £20 million.
No redundancies have been announced yet and administrators Deloitte said it was “assessing options”.
It is thought Greenwoods employs four people at its shop in Lynn.
All stores will continue to trade for the present, said Deloittes.
Greenwoods previously entered administration in 2009, when a Hong Kong-based investor bought 87 of the 92 shops.
The statement from Deloittes said: “Adrian Berry and Clare Boardman of Deloitte LLP have today been appointed Joint Administrators over Greenwoods Menswear Limited. The company is a retailer of formal and casual menswear, including shoes and accessories, with a c£20m turnover. It also offers a formal suit hire service, under the Company’s “1860” brand. The company operates from 63 stores and two concessions 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 work in stores, 15 at the head office and 11 in the warehouse.”
The statement quoted Mr Berry as saying: “We are currently assessing the options available to the Company, including a potential sale of the business, and are continuing to trade it in the meantime. No redundancies are being announced at this stage and we are grateful to the employees for their support at this difficult time. This is a challenging time for the UK retail sector, which has affected the company.”