Hilco UK has bought troubled menswear retailer Trident Fashions - trading as Ciro Citterio - but immediately put the business into administration.
According to Hilco, the administration would 'protect the business while essential restructuring changes are made'.
Ciro has been trading at a loss for the past two years and further losses have been projected for the coming year. Deloitte & Touche Corporate Finance was drafted in to organise a sale in July.
Last week it emerged that value retailer Officers Club had been interested in buying the business, but was told a better offer had been received.
Hilco chief operating officer Paul McGowan said: 'The appointment of administrators is the first step in our strategy to save Ciro which, despite its current financial problems has the ingredients of a successful business.
'It is our objective to enable the company to emerge from administration within six months. Ciro is a well-known brand and has a loyal following.'
Trident Fashions bought Ciro in 2001, after the business had been put into administration following a share dispute between the former owners.
Restructuring specialist Hilco has previously acquired department store business Uptons - subsequently sold - and Scottish store group Texstyle World.