TOWN centre store Bonmarche faces an uncertain future after the chain was sold in a deal which will lead to 1,400 job losses and 160 store closures.
It was sold in a deal to private equity firm Sun European Partners. Sun intends to trade from approximately 230 stores - but will close around 160.
It will continue to employ about 2,400 staff and axe about 1,400.
Chris Laverty, joint administrator and restructuring partner at KPMG for Bonmarche, said: “Given the hostile conditions on the high street, we’re pleased to have concluded a sale with Sun European Partners.
“The deal is a positive step forward in underscoring Bonmarché’s future.”
A spokesperson for Sun European Partners said it was not discussing individual store closures at this time.
Matthias Gundlach, vice president at Sun European Partners, said; “Bonmarché is a great brand that operates in an attractive niche of the apparel sector that we know very well.
“We are confident in putting a sustainable growth programme in place and working with the management team to develop the business successfully.”