Footwear retailer Treds has been sold to retail company New Gray following its fall into administration at the end of last month.
The acquisition means the retailer’s 21 stores across the UK will remain trading, as well as its online business, safeguarding the jobs of all 159 staff members.
Treds’ two directors - Stephen Kavanagh and Bernard Kavanagh - have left the business, Drapers understands.
New Gray was incorporated on 8 February, by Elaine McPherson, former owner of retail value chain Ethel Austin.
McPherson bought Ethel Austin in 2008. The business later fell into administration and she reacquired it under a new company in 2010. The company was dissolved in 2014.
McPherson will take over management at Treds.
Ross Connock and Zelf Hussain of PwC were appointed as joint administrators of Treds on 29 January after the business saw reduced revenues across its store portfolio due to changing consumer behaviours and economic uncertainty.
Connock, PwC director and joint administrator, said: ”This deal safeguards the jobs of all 159 members of staff and the continued trading of all 21 stores. In an extremely challenging environment, the sale provides a much-needed boost for the retail sector and high street and stability for employees.”