Yorkshire-based textiles retailer Chiltern Mills has been bought by its founder Merlin Treymaine in a pre-pack administration.
The adverse effects of the recession on customer spending have been cited as the reason for the move.
The sale of the business had attracted seven interested parties and three offers. The administrators at Begbies Traynor accepted the founder's offer.
Mr Treymaine and his wife established Chiltern Mills in 1993. They sold it in 2005 to a management buy-out team, and then bought it back after only ten months.
Chiltern Mills sells discount textiles, linens and household items.
Amongst the seven outlets, Mr Treymaine now has control of four with a total of 65 staff. Two other shops have been closed with the loss of 26 staff; one is closed for refurbishment, its future as yet uncertain.
The parent company Chiltern Mills Holdings Ltd went into administration last summer.
