Jones Bootmaker has been sold for the second time in less than a year to rival footwear chain Pavers.
Jones Bootmaker only changed hands last March when it was acquired by private equity firm Endless.
However, the investment company, which also owns The Works, has offloaded the business to Pavers amid turbulent trading conditions.
The Pavers deal will save 389 of Jones Bootmaker’s 475 jobs, with 42 of its 47 stores transferring to Pavers ownership.
Under the terms of the deal, family-owned Pavers will acquire Jones Bootmaker out of an administration, which is being handled by Ernst & Young.
A spokesman for Endless said: “Jones Bootmaker is a well-established retailer with a strong heritage and brand.
“We are pleased to have been able to save 389 jobs and ultimately transfer 42 of the 47 store estate to a strong family business and wish the business well. Unfortunately, we were unable to secure a sale of business that retained the head office.”
Pavers, which currently trades from around 130 shops and employs 1,300 staff, narrowly missed out to Endless in the race to snap up Jones when it tumbled into administration last year.
The embattled footwear business was previously owned by Alteri Investors.
The specialist footwear retailer’s managing director Stuart Paver said: “All of us at Pavers are happy to be able to secure the future of hundreds of loyal employees and welcome them into the Pavers family.
”The Jones stores and people are a huge asset to Pavers and we look forward to developing the business, and the people, over the decades to come.
“Our plan is to grow and develop the Jones Bootmaker brand and product as a distinct offering separate from the existing Pavers retail business. We believe the Jones brand has an exciting future and are eager to invest in this.”