The fashion chain Bonmarché was bought by British billionaire Philip Day, owner of the Edinburgh Woolen Mill Group.
The troubled retailer warned last month that negotiations have deteriorated, adding it expects to lose 5 to 6 million pounds this year.
The agreement values the Yorkshire chain, which began in 1982 and now has 312 shops specializing in clothing for people over 50, with around 5.7 million pounds.
Mr. Day said he was "well placed to ensure the [chain’s] long-term future ".
The entrepreneur began his career in clothing manufacturers Coats Viyella and Wensum before taking over the Edinburgh Woolen Mill.
Through the Edinburgh Woolen Mill, Mr. Day bought several clothing chains, including the Peacocks discount chain and the luxury brands of Austin Reed and Jaeger.
Mr. Day bought Bonmarché through its Specter investment vehicle, based in Dubai.
He said he could provide "advice, guidance and support to ensure the long-term future of the Bonmarché business, its stores and employees."
Specter's statement said, "Specter owner Philip Day has a track record of success within the retail industry, especially in times of recovery and hardship."