Collapsed retail giant Edinburgh Woollen Mill has been saved in a deal that will protect 1,500 jobs and 250 stores.
Philip Day s Jaeger will be taken over by Marks & Spencer in a separate agreement as the deal between the retail tycoon and Middle Eastern investors is set to be finalised.
Retailers Edinburgh Woollen Mill, Ponden Homes and Bonmarche, owned by the businessman s EWM group, will be sold to a consortium of international investors, according to The Telegraph.
Administrators at FRP confirmed 246 stores will be saved by Purepay Retail, which is controlled by former owner Day. The deal secures the future for 1,453 workers.