| Leeds-based 2nd Thoughts Ltd., which trades in Scotland as Happit, went into administration last week after sales dropped due to poor trading conditions and increased competition.
That resulted in 14 Scottish outlets closing with the loss of 60 jobs.
However, the former owners have now done a deal with the administrators to buy back part of the company, which will save 14 stores north of the border.
That includes the branches in Montrose, Arbroath, Forfar, Broughty Ferry, Leven, Cowdenbeath and Dunfermline.
The chain, which also trades in England as Ellie Louise and Images, sells mostly budget ladies’ wear.
Its founder, Mick Broughton, started out with a market stall, and he and his sons eventually built a business with a £14 million annual turnover.
2nd Thoughts acquired the Dunfermline-based Happit chain in 2008, taking its total number of stores to more than 80.
Joint administrator Bob Maxwell said, “This is the best possible outcome in the circumstances — achieving a prompt sale of the business as a going concern will enable the remaining 49 stores to continue trading, safeguarding the existing jobs.
“This long-established firm has been another victim of the downturn in the retail sector.
“However, the business built up over the last 30 years will remain in the hands of the family, giving it the best chance of recovery.” |
