Footwear retailer Mr Shoes has been bought out of administration by its previous owners.

Glayone Limited, formed by the previous directors of Mr Shoes, bought nine stores from administrator Larking Gowen. It is thought former owner Mike Tagg led the purchase. 53 jobs have been saved across the stores and at the head office and warehouse.

The remaining 14 stores will close. It is thought around 80 people will lose their jobs.

The retailer collapsed into administration on June 22.

Administrator David Whitehead said: “We are delighted with the completion of this sale. It is of course unfortunate that some of the stores have had to close with job losses but the company was a victim of the recession that is affecting many UK retailers.

In the last year several shoe businesses have hit the wall, including Barratts and Priceless owner Stylo, and JJB Sports’ footwear businesses comprising Qube and Original Shoe Company.