UPDATE: Greenwoods purchased out of administration

London - Specialist menswear retailer Greenwoods has been bought out of administration by Versatile International Trading. The move sees 40 Greenwoods stores being saved, along with 181 jobs as well as the closure of 22 stores, resulting in the loss of 88 jobs.

The sale includes Greenwoods' remaining 40 stores, together with its central warehouse, head office operations and employees, all of which will be transferred to Versatile International Trading. Stores in Barnsley, Bradford, Chesterfield, Doncaster, Huddersfield, Halifax, Harrogate, and Wakefield are set to remain open, whereas stores in Liverpool, Derby, Hull, Middlesbrough, Newcastle upon Tyne and Oldham are set to close.

The announcement comes more than a month after Greenwoods was first placed into administration. The sale of the formal and casual menswear specialist was overseen by joint administrators Adrian Berry and Clare Boardman from accountancy firm Deloitte.

“This sale represents the best outcome for the business, which has been trading in administration for over six weeks," said Berry in a statement. "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.”