The value apparel retailer had received interest from several private equity firms, but Edinburgh Woollen Mill managed to beat off competition from Indian textile and clothing giant S Kumars Nationwide in the final stages of the bidding process.
Following the transaction, 244 stores will be closed and 3,100 jobs will be lost.
The firm’s headquarters will remain in Cardiff.
Edinburgh Woollen Mill, once owned by turnaround firm Rutland Partners, picked up 33 of Jane Norman’s 94 stores last year, saving 400 jobs.
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