Bonmarché has been bought by private equity firm Sun European Partners in a prepack administration deal.
Sun European bought 230 stores, as tipped by Drapers last week. The deal has saved 2,400 jobs for the time being.
However, Sun European said it expects to close 160 shops to “ensure that the company can be placed on a sound economic footing”.
Bonmarché’s sister chain Peacocks collapsed into administration on Wednesday. Administrators KPMG is still seeking a buyer for the business.
Sun European vice president Matthias Gundlach said: “Bonmarché is a great brand that operates in an attractive niche of the apparel sector that we know very well.
“Thanks to its strong range with a good value-for-money proposition and a unique in-store service experience, Bonmarché has a loyal customer base of regular repeat buyers.
“We are confident in putting a sustainable growth programme in place and working with the management team to develop the business successfully.”
It is the fourth retail deal in recent months for Sun European, which has acquired Alexon, Jacques Vert and American Golf.