Owners of one of the oldest menswear and suit hire retailers in Skegness has announced the company is going into administration.
Greenwoods Menswear Ltd was established in 1860 and operates from 65 outlets in the UK, employing 318 staff.
In Lincolnshire, as well as having a business at Skegness, it also has shops in Lincoln and Scunthorpe. There was also previously a store in Louth and Sleaford town centres.
Last year the company reported a turn-over of around £20 milllion but has been struggling for some years.
It was affected badly by the downward turn in the British economy in 2008 and entered administration the following year but a subsidiary of Harvest Fancy Hong Kong bought 87 of the 92 stores across the UK from the administrators.
A notice outside the shop in Lumley Road, Skegness, states the Bradford-based company has appointed Adrian Berry and Clare Boardman, of Deloitte LLP, as joint administrators.
The business continues to trade as normal with a ‘half price or less’ sale and no redundancies have yet been announced.