Menswear company Greenwoods goes into administration
A menswear company which had a 30-year history in Grantham before it closed down last year, has gone into administration.
Administrators have been called in at Greenwoods, which was located in High Street, then the Isaac Newton Shopping Centre in Grantham.
The store blamed a hike in its rent for its closure. There was hope initially that the store could reopen in The George Centre, but this failed to materialise.
Now, with administrators Deloitte having been called in, it is unlikely to reopen in Grantham.
Greenwoods sales director David Alleston told the Journal last year that the closure in the town was “very disappointing”. He added: “If we can come back to the town we will. We have got a really good base of customers and many people have been shopping with us for many a year and I think the store is going to be missed.”
The company, which dates back to 1860, has 63 stores in the UK with its head office in Bradford.
Deloitte said today (Tuesday) the stores would continue to trade while options were examined. At the time of administrators being appointed the company employed 318 people.
Adrian Berry, of Deloitte, said: “We are currently assessing the options available to the company including a potential sale of the business and are continuing to trade 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.”
Greenwoods sells formal and casual menswear including shoes and accessories and has a turnover of around £20 million.