Bitterwallet exclusive - Greenwoods files for administration
Following our post yesterday concerning the future of Greenwoods, Bitterwallet can exclusively reveal that the high street chain is set to go into administration.
Greenwoods currently operates 92 stores across the UK which also incorporate 1860, the formal wear suit hire service. Around 600 staff members are employed by the company.
Bitterwallet has learnt that holding company Hanson Partners Ltd has filed a notice of intention to appoint administrators with the court. Staff at 1860's customer services centre confirmed to us that they are aware of company's troubles, but despite the situation are still accepting orders from customers for suit hire.
In September, Hanson Partners had agreed to sell 50 per cent of Greenwoods to Chinese retail company Bosideng International. The company planned to spend over £25 million refurbishing Greenwoods stores and rebranding them as Bosideng outlets. The deal was due to be completed on or before April 6th 2009.
According to Companies House, Hanson Partners is late filing company accounts due on 28th of last month.