Yorkshire-based menswear retailer Greenwoods has gone into administration amid a “challenging time” for UK retail.
The company, which is headquartered in Bradford, operates 63 stores and two concessions across the UK. It has an annual turnover of £20m.
The business employs around 318 people, comprising 292 store workers, 15 head office employees and 11 staff at its warehouse in Bradford.
Deloitte partners Adrian Berry and Clare Boardman have been appointed as the retailer’s joint administrators.
Deloitte said the business will continue to trade, and has not made any redundancies yet.
Berry said: “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.”