Bonmarché the clothes retailer has been bought out of administration by private equity firm Sun European Partners. The sum is undisclosed.
The deal for the Wakefield-based subsidiary of Peacocks is reported to save more than 2,000 jobs.
John Gallon, corporate partner at DLA Piper’s, which advised on the deal, reportedly said: “There have been a number of reported casualties on the UK high street in recent weeks. However, despite the on-going challenges faced by the retail sector, we brought this deal to a close quickly and effectively to ensure that Bonmarché is in a position to continue operating.
The existing management team of Bonmarche will continue to take the company forward.