Lifewatch - Greenwoods Saved Thanks To Incisive Bitterwallet Scoop. Probably.

26 January 2009

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.

TOPICS:   High Street News

6 comments

  • Ben
    I bet all the ex-Woolworths staff were wishing that were true!
  • Mike H.
    TBH, I don't think there is a credit crunch, people aren't cutting back their spending, I don't see any evidence of it, they're simply finding better deals, shopping around, making their purchases online, and leaving buying thisngs until they are in the sale, people are getting wise. This is why places like woolies and PCWorld, where it's 'overpriced ahoy captain', are going under, not becasue peeps are spending less.
  • Pizza_D_Action
    Just goes to show, if you've got lots of cash in a credit crunch, you can get lots more by snapping up bargain basement shops. The only people who really suffer are those on the lower incomes.
  • Republic B.
    make buckingham palace a shopping mall, the tourists'lcome flockng
  • Republic B.
    * tourists'll come
  • Jim
    Yeah, Great News! - Another prepackaged Administration where the jobs of 500 people are "saved" whilst the creditors (and their staff) swing for their money. Bosidengwere supposed to take a 50% stake over 4 months ago. Meanwhile - owner John Hanson gets away scot free.

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