Greenwoods Menswear in Bury St Edmunds is saved from closure with company’s sale to new owners

Greenwoods in Bury St Edmunds which is to stay open after the company was sold by administrators Deloitte

Bury St Edmunds clothing store Greenwoods is to remain open after administrators announced the sale of the business to new owners.

Deloitte today announced the sale of the company to Versatile International Trading Limited.

This will see 40 retail stores, including the one in St John’s Street remaining open along with the protection of 181 jobs. The company’s central warehouse and head office functions will also transfer to new owners.

Greenwood’s remaining 22 store will close immediately with the loss of 88 jos.

Adrian Berry, one of the joint administrators, said: “This sale represents the best outcome for the business, which has been trading in administration for over six weeks.

“A significant proportion of the employees now have their jobs protected and we would like to thank all of them for their support during this difficult period.”

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