Edinburgh Woollen Mill chief executive Philip Day could close Bonmarche stores after taking control of the struggling clothes retailer.
The businessman announced today he had taken a majority stake through his Dubai based vehicle Spectre, triggering a mandatory takeover bid.
The price paid values the entire company at £5.7 million.
Spectre said it would review the profitability assessment on Bonmarche's more than 300 stores, closing some and cutting the number of staff or seeking lower rent.
Day led a management buyout of Edinburgh Woollen Mill in 2001 and bought the company himself the following year.
The Stockport-born entrepreneur also owns golf brand ProQuip, Austin Reed, Country Casuals and Jaeger. He also runs Fife wildlife sanctuary the Scottish Deer Centre.
Shares in Bonmarche fell last month after it issued a profit warning.
In a statement to the Stock Market, Spectre said: "Against the backdrop of the significant decline in Bonmarché's profitability, Spectre believes it is well positioned to provide advice, guidance and support to secure the long term future of the Bonmarché business, its stores and employees.
"The owner of Spectre, Philip Day, has a successful track record within the retail sector, especially in turnaround and distressed situations."
