Administrators of the Rosebys group of companies have sold 77 of the textile retailer’s outlets nationwide, and all their stock, to a subsidiary of Edinburgh Woollen Mill.
The sale of the stores, to Duvetco, saves 495 jobs, with the employees transferring to the new owner.
However, 59 more of the chain’s outlets are closing this week, resulting in a further 310 redundancies.
Before going into administration in September, Rosebys operated 280 stores and employed some 2,000 staff.
Joint administrator at KPMG Restructuring, Howard Smith, said: “Clearly it is unfortunate that further redundancies have been unavoidable. But in difficult trading conditions, the sale of a number of stores has been secured, which will safeguard many jobs and help achieve a return for creditors.”
A number of employees are being retained by the administrators in the short term to help with the transfer of stock and the realisation of property assets.
The 77 outlets sold on comprise 51 standalone stores, 24 concessions within Homestyle and two within Carpetright.