Sun Capital Partners has bought beds retailer Dreams following its collapse into administration.
The deal, overseen by administrators Ernst & Young, saves 1,600 jobs at the chain - but around 400 positions remain at risk.
The private equity group bought the company's business and assets - including 171 stores - for an undisclosed sum.
A buyer is being sought for the remaining 95 stores, joint administrator Alan Hudson said.
He added that high street retailers have been battling with "unprecedented conditions" over recent years.
"Dreams is a well known market leader, but in common with many others has suffered as a result of this depressed retail environment, a rapid expansion of its store portfolio and onerous lease liabilities," he said.
"Whilst recent performance has improved, it has seen a decline in like for like sales across its store portfolio as well as its operating margins being squeezed.
"This has resulted in the business being unable to continue to operate outside of administration."
He said the deal with Sun Capital meant the business would continue to trade without interruption, and a buyer would be sought for the remaining 95 stores not included in the sale.
Dreams, which sells beds and related products, has 266 stores across the UK and employs around 2,000 people.
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