66 Principles stores closed over the weekend, after administrator Deloitte failed to find a buyer for the business as a going concern.
As revealed on Friday by Retail Week, Debenhams is understood to have bought the Principles brand and stock but not its 90 standalone stores.
The decision affects some 2,500 employees at the fashion brand.
It is understood that most of the stores have been shut, with a handful of store leases expected to revert to Arcadia boss Sir Philip Green under privity. It is thought that those stores will be run by the administrator for the time being.
Principles was sold after parent company Mosaic fell in to pre-pack administration on Monday. Principles co-founder Peter Davies failed to secure the funding necessary in time to buy the brand as a going concern.