Select, the high street fashion chain, has gone into administration but the management has rescued half the group’s 250 stores.
Select was bought by Turkish investors last month but poor trading forced the chain into administration on Friday.
However this week a management buy-out team bought 125 stores and the Select name from administrators UHY Hacker Young.
The administrator will now work with a property advisor to offload the remaining stores of the Watford-based business unwanted by the management buyout.
It is thought stores rescued by the management buyout include Newcastle, Chepstow, Sunderland and Portsmouth.