Management at shoe retailer Barratts Priceless have reached a deal to buy 89 stores and its online business, the administrator Deloitte said on Sunday.
While 1,184 jobs had been safeguarded, the deal would result in the closure of 39 stores and 14 concessions and 680 additional redundancies, it said.
I am delighted that we have been able to conclude this deal and save as many jobs as we have. The last few months have been very challenging but we have a great team in place, Barratt's chief executive Michael Ziff said in a statement.
Barratts collapsed into administration last month, blaming a downturn in consumer spending and unseasonably mild weather which had depressed sales of its new winter lines.
(Reporting by Neil Maidment; Editing by Greg Mahlich)