Crew Clothing has acquired 25 Saltrock Surfwear stores in a pre-pack deal saving 162 jobs.
Plymouth Argyle chairman James Brent said he had relinquished control of the retailer after it faced “challenges” on the high street.
Saltrock fell into administration on August 17, before being bought out by a subsidiary of Crew Clothing Co Group.
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As part of the deal, 25 stores and 162 jobs have been retained, but five stores of the Devon-based chain have been forced to close with 29 redundancies made.
The store closures include Plymouth’s Old Town Street and Exeter’s High Street, along with those in Bridgend, Street and Swansea.
Brent, who has just announced he is stepping down as Argyle chairman in October 2018, relinquished control of the Saltrock Surfwear leisurewear and accessories brand after it faced retail “challenges”.
“We are proud of the growth we’ve achieved over the last eight years, but now is the time for Crew to drive the business forward”, Brent said in light of the deal.