MORE than 500 jobs across the UK have been saved following the appointment of administrators to Yorkshire-based national clothing retailer, Greenwoods Menswear.
Joint administrators Richard Fleming and Mark Firmin, from KPMG, immediately sold the business to Harvest Fancy Hong Kong Ltd, a subsidiary of Bosideng, one of China's largest clothing retailers.
It will continue to trade the Bradford business as Greenwoods Menswear.
All customer bookings made and deposits paid for wedding wear hire will be honoured by the new owner.
Bosideng is a major maker of casual menswear and has recently been given world brand status by the People's Republic of China. Mr Gordon Gao, son of the founder of Bosideng, will be chairman of the new company.
Bosideng's world wide sales amounted to 2b in 2007 and the company employs over 20,000 people in China.
Greenwoods Menswear has 92 stores throughout the UK, selling suits, shirts, ties and accessories and offering a wedding wear hire service.
The business generated turnover of 25.9m and employed 579 staff, 556 of whom transfer to the new owner.
Richard Fleming, joint administrator and KPMG Restructuring Partner, said that until recently Greenwoods had been a growing business.
Since last autumn, however, its cash position has become increasingly difficult due to a reduction in credit terms from suppliers, plus sterling's fall in value, which increased the cost of imported stock.
Finally, the decline in consumer spending led to a significant sales fall.
He added: "We are extremely pleased to have completed a going concern sale that sees 87 stores remain open, securing the jobs of 556 employees - 96 per cent of the workforce. Against a difficult economic background this is a particularly good result."