The majority of furniture retailer Feather & Black has been rescued from collapse after administrators carried out a successful sale of the business.
Under the terms of the sale, Swedish beds manufacturing firm Hilding Anders will acquire 17 out of a total of 20 Feather & Black stores.
The three remaining stores – and five concessions within Multiyork stores – will however be closed.
This means 104 of the 123 employees will keep their jobs.
The Feather & Black brand will also be retained and continue to have a presence on the UK high street.
Although Hilding Anders is a products company, it also has retail activities, with 26 brands focused on 21 core markets with sales in over 60 countries worldwide.
The firm also 25 production facilities in 19 countries and over 9000 employees producing a full range of bedding products.
The sale of Feather & Black was carried out by administrators from Duff & Phelps, and it comes a week after stablemate Multiyork officially began its formal windown process after also going into administration.
“The joint administrators continued to trade Feather & Black in administration with a view to finding a purchaser for the business as a going concern, so we are delighted that we have been able to secure a future for the brand, the business and over 100 employees who work for the retailer,” join administrator Allan Graham said in a statement.
“The majority of the stores have been sold to one of the best known brands in the bedroom furniture sector securing the future for Feather & Black and a large number of its valued employees.
“This is a tremendous result for the business.”
Feather & Black chairman and chief executive Pepyn Dinandt said: “I am very excited by this opportunity to re-enter the UK market with F&B.
“F&B has a strong market position, excellent customer loyalty and a deep heritage within the UK market.
“We will build on F&B’s solid platform and grow the business across both stores and ecommerce. We will continue with F&B’s current customer and product positioning whilst also looking at further ways to improve our productivity and profitability.”