Private equity firm Endless has acquired 72 Jones Bootmaker stores in a pre-pack administration deal, it was confirmed on Saturday.
The deal has secured around 840 jobs in the UK. However, 25 underperforming stores and six concessions were not part of the sale and will close immediately, leading to 262 job losses.
Will Wright, Steve Absolom and Blair Nimmo of KPMG were appointed joint administrators of Jones on 24 March.
Wright, who is a partner at KPMG, said: “We are delighted that we have been able to rescue such an iconic UK footwear brand as Jones Bootmaker, including a high proportion of stores and preserving a large number of jobs, especially given the current economic pressures faced by retailers across the UK.
”This deal recognises the value of Jones as a strong and popular high street brand with a loyal customer base.”
Absolom added: “While it is always pleasing to preserve a significant number of jobs, sadly a number of redundancies are to be made at the closed stores.
”Over the coming days, our priority is to ensure all employees who have been affected by redundancy receive the information and guidance they need in order to claim monies owed from the Redundancy Payments Office.”
The joint administrators will be writing to all creditors over the coming days.