Monsoon Accessorize will permanently close 35 stores with the loss of over 500 jobs after the coronavirus pandemic scuppered the retailer's turnaround plan.
Around 545 staff are expected to be made redundant, despite Monsoon's founder Peter Simon buying the business out of administration almost immediately.
The deal will transfer around 450 jobs to Adena Brands, owned by Mr Simon, which has promised to inject £15 million into the business to allow the remaining stores to stay open.
He will now try to renegotiate with landlords to get a better deal on the remaining 162 store leases and hopes to save as many as 100 stores and 2,300 jobs.
Formerly a majority owner of the business, Mr Simon agreed with administrators he would buy the business almost as soon as it slid into the process on Monday.
He said: "Ever since I opened the first Monsoon store in Beauchamp Place in 1973, this business has been my passion and my life, and I did not want to see it fall victim to this unprecedented crisis."
The firm had insisted a turnaround plan was going well after it negotiated a company voluntary arrangement with landlords.
However while the business was trying to heal, all of its stores were forced to close in March as Covid-19 swept across the UK.
"Both Monsoon and Accessorize were trading well before the coronavirus pandemic but the business simply could not withstand the financial impact of having to close all its UK, franchise and joint venture stores for almost three months," Mr Simon said.
This deal secures the future of both Monsoon and Accessorize with Mr Simon now trying to “save as many of our stores as possible.”
Online shopping is unaffected by the store closures.
Full list of Monsoon Accessorize stores set to close
Basildon
Bexleyheath
Burton-on-Trent
Camberley
Canterbury
Carlisle
Chelmsford
Cork, Patrick Street A, Republic of Ireland
Cork, Patrick Street B, Republic of Ireland
Crawley
Derby
Dublin, Republic of Ireland
Hereford
Hitchin
Huddersfield
Kilkenny
Lancaster
Lincoln
Liverpool Airport
Maidenhead
Maidstone
Middlesbrough
Newark
Newtownabbey
Northampton
Southend
St Albans
Staines
Sutton Coldfield
Taunton
Telford
Trowbridge
Truro
Tunbridge Wells
York, Davygate
