Greenwoods menswear has been saved from administration after a buyout from Versatile International Trading Limited, but the Bangor Greenwoods store will close immediately.

The shop, which specialises in men’s suits and wedding attire, dates backs to 1860 with 63 stores across the UK, including in a store in Bangor and Llandudno.

Greenwoods went into administration last month and all the stores looked likely to close, the buyout has saved 40 retail stores, including Llandudno, but it has been confirmed today that the Bangor store, based in the Deiniol Shopping Centre, will be closing.

A spokesman said: “The Joint Administrators are pleased to announce the sale of the business and assets of Greenwoods Menswear Limited to Versatile International Trading Limited on the 20 October 2017.

“The sale will see 40 retail stores, the central warehouse and head office functions transferring to the buyer and will protect the jobs of 181 employees. The remaining stores will close immediately, resulting in 88 redundancies.”