Jones Bootmaker will reportedly be bought by private equity firm Endless through a pre-pack administration later today, saving 800 jobs.
The private equity firm will acquire more than 70 Jones stores for £10.5m, according to Sky News.
It is thought 250 jobs will be lost as a result.
The deal comes just days after Jones’s stablemate, Brantano, called in administrators on Wednesday. Both were owned by private equity firm Alteri Investors.
Endless, which has offices in Manchester, Leeds and London, was one of the frontrunners to acquire Jones, along with retailers Pavers and Edinburgh Woollen Mill Group.
It had been feared the deal with Endless had fallen through after Alteri wanted £1m more for Jones than was on the table.
Jones, which employs 1,145 people, has nearly 100 stores and a handful of concessions in department stores.
Alteri bought Jones Bootmaker and Brantano UK for €17m (£12.2m) from now-bankrupt Dutch firm Macintosh in October 2015. Brantano then fell into administration in January 2016, before being bought back by Alteri a month later.
Drapers has contacted Jones Bootmaker for comment.