Henri Lloyd has been bought out of administration by Aligro UK Limited in a deal that will lead to 128 job losses.
The fashion retailer, know for its sailing and waterproof clothes, brought in Chris Ratten and Jeremy Woodside RSM Restructuring Advisory to handle its administration process on June 8.
Yesterday, administrators confirmed the sale of five stores and certain stock assets to Aligro UK Limited, which was established on June 4.
This means Henri Lloyds four other stores at Falmouth, Truro, Street and Swindon will close down, as well as 20 House of Fraser concessions and its Manchester headquarters.
In total, 128 staff will lose their jobs.
Aligro UK Limited said it would continue to trade the Henri Lloyd stores in Salcombe, Dartmouth, Cowes, Cheshire Oaks and Lymington, saving 38 jobs.
In addition, six head office employees will stay on.
Aligro UK Limited is a subsidiary of Aligro Group Limited which was incorporated on April 24.
Henri Lloyd blamed “challenging trading conditions on the high street” for entering into administration.
The brand was founded by decorated Polish soldier Henri Strzelecki in 1963 after he moved to Manchester to study textiles during the war, alongside his partner Angus Lloyd.
Henri Lloyd Limited posted turnover of £17.7 million for the year to April 1, 2017, with a gross profit of £6.12 million and an operating profit of £247,688.
Ratten said: “This sale represents the best outcome for creditors, it maintains Henri-Lloyd’s presence in key locations and secures 44 jobs.
“Selling the whole business as a going concern was not a viable option and regrettably a number of staff have been made redundant as a result.
‘We will be supporting them to make their claims to the Redundancy Payments Office.”