Yorkshire-based menswear retailer Greenwoods has been bought out of administration by recently incorporated company Versatile International Trading, saving 181 jobs.
The buy-out will result in 22 store closures and 88 job losses.
Greenwoods’ remaining 40 stores, central warehouse, head office operations and staff will be transferred to Versatile International Trading.
Deloitte stressed the sale did not form part of a pre-pack arrangement, clarifying that new management is taking over the business from its previous owners.
Adrian Berry and Clare Boardman from Deloitte were appointed joint administrators to the Bradford-based retailer on 6 September.
At the time it employed 318 people, comprising 292 store workers, 15 head office employees and 11 warehouse staff. It had 63 stores and two concessions, and an annual turnover of £20m.
Two unstaffed concessions and a store in Rugby were shuttered at an earlier stage of the administration process.
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 list of store closures in full
- Bishop Auckland
- Ellesmere Port
- Kings Lynn
- Newcastle upon Tyne