Greenwoods Menswear has filed a notice of intention to appoint administrators, but it is understood that the company is in talks to sell the business to Chinese stakeholder Bosideng International.
The Yorkshire-based menswear chain,which has around 100 stores, filed the notice at Leeds District Registry on Jan 14.
However, it is understood that Chinese retailer and manufacturer Bosideng, which bought a 50% stake in Greenwoods in last October, is in talks to buy the whole business.
A source close to the company said the deal was likely to safeguard most of the existing shops, although Bosideng will have to renegotiate with landlords. However, it is unclear what the deal will mean for Greenwoods’ suppliers, which sells mostly its own label suiting, and also has a substantial hire business called 1860.
Greenwoods Menswear is part of Hanson Partners, run by John Hanson who was in the running to buy menswear chain Moss Bros in March last year, but failed to come to a deal with shareholders.
Last October Hanson Partners agreed to sell at 50% stake in Greenwoods to Chinese manufacturer Bosideng International, and the company announced plans to roll out up to 100 Bosideng menswear stores in the UK over the next five years.
It is understood that management at Greenwoods will remain and are planning to meet with suppliers about the future of the business.
Greenwoods Menswear declined to comment.