Lifewatch - Greenwoods Saved Thanks To Incisive Bitterwallet Scoop. Probably.
It’s nice, if somewhat rare, to report some rare good news in the retail sector, but here goes. On Thursday, Bitterwallet exclusively revealed that high street menswear stalwart Greenwoods had applied for administration. Cue cries of ‘ho hum, join the queue, they had it coming, etc etc.’
The company did indeed appoint administrators, the warm, cosy and near-ubiquitous KPMG, but their first and only task was to oversee the sale of 87 of Greenwoods’ 92 stores to Chinese clothing giants Bosideng, saving 556 jobs.
The Chinese company had already agreed to buy a 50% stake in Greenwoods late last year, but this fresh deal sees them snaffling up the rest of the cloth cap-shaped pie.
Better still, Bosideng have sworn on their mothers’ lives to open a further 100 stores over the next few years, at least according to a shadowy Greenwoods ‘Deep Throat’ figure.
What have we learned from this? Well, the recession isn’t completely about doom and gloom and that if Bitterwallet break a story, there’s sure to be a real swell happy ending for all concerned.
Bitterwallet – this time next year we’ll be healing the sick. Just you wait and see.