A deal has been agreed for the sale of the Edinburgh Woollen Mill, Ponden Home and Bonmarché chains, which were on the brink of closure.
The businesses went into administration last year after a collapse in sales due to the pandemic.
It is thought about 2,500 jobs and some 300 stores will be saved.
The buyers are a consortium of international investors who will inject fresh funds into the business, led by the existing management team.
Edinburgh Woollen Mill, which sells mid-price knitwear and other clothing to older shoppers, is part of a stable of retail brands owned by billionaire businessman, Philip Day.
It is understood that Mr Day will effectively lend the group the money to buy the businesses which will be paid back over a number of years.
The deal also covers two other brands in the group, value retailer Bonmarché, and Ponden Home, an interiors chain based in the south east of England.
Administrators representing Edinburgh Woollen Mill and Ponden Home said the deal represented the best chance to save stores and jobs, given the difficult outlook for UK retail.
"We regret that not all of Edinburgh Woollen Mill and Ponden Home could be rescued," said Tony Wright, partner at FRP. "This has resulted in a significant number of redundancies at a particularly challenging time of year and period of economic uncertainty."
Retail has been particularly hard hit by measures to curb the spread of Covid-19. Even when shops have been open many shoppers stayed away, wary of the health risks.
The British Retail Consortium said consumers bought 5% less last year than the year before (not including food). Much of that custom switched from the High Street to online, making it harder for chains whose customers usually shop in person. Physical stores saw sales drop by a quarter, the BRC said.
Other major brands including Topshop-owner Arcadia and Debenhams have also gone into administration, costing hundreds of jobs.
On Monday, Marks & Spencer announced it was buying Jaeger, another brand that had belonged to Philip Day's portfolio.
Peacocks, another High Street fashion brand in the EWM group remains in administration.
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2021-01-12 13:55:00Z
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