‘Store closing’ and ‘everything must go’ signs have been hoisted up into the windows of Lincoln menswear store Greenwoods after the company entered administration earlier this month.
The Sincil Street store has been displaying the signs for almost a week, however there is still hope that the shop will be saved from full closure. Greenwoods told The Lincolnite the company is still looking for a new buyer.
Greenwoods entered administration on September 6 and the closing down sale is also running at the other Skegness and Scunthorpe stores in the county.
It is believed that the ‘closing down’ sales will generate footfall into the store to help with the financial issues.
Greenwoods previously offered a suit hiring service, however since entering administration the company have cut their ties with the hiring service.
“The third party who provides the wedding hire service to Greenwoods has now terminated its supply agreement,” said a spokesperson.
“Greenwoods does not own the wedding garments hired to customers. These are owned and supplied to Greenwoods by a third party.
“The administrators have been informed by the third party that it will no longer supply Greenwoods.”
Adrian Berry of Deloitte LLP, the administrators, said: “We are currently assessing the options available to the company, including a potential sale of the business, and are continuing to trade it in the meantime.
“No redundancies are being announced at this stage and we are grateful to the employees for their support at this difficult time.
“This is a challenging time for the UK retail sector, which has affected the company.”