Greenwoods sold as going concern

Collapsed national chain Greenwoods Menswear has been bought by a Chinese
retailer shortly after KPMG was appointed administrator.

The sale of 87 of Greenwoods’ 92 stores to Harvest Fancy Hong Kong Ltd saved
556 jobs across the UK. The buyer is a subsidiary of Bosideng, one of China’s
largest retailers, and intends to run the stores as Greenwoods.

The administrators say Greenwoods was having cash flow difficulties due to
tighter credit terms of suppliers and the falling sterling which has made
imported goods more expensive.

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