Shoon has been acquired out of administration as part of a management buyout supported by restructuring specialist GA Europe.
The family-owned footwear retailer, which collapsed into administration on February 6, will continue to operate 11 stores.
It will also retain its online business, operated from a head office and distribution facility in Wells, Somerset.
Restructuring specialist GA Europe, which has supported the management buyout, will provide funding for working capital and development of the business, as well as taking a direct equity stake.
Shoon’s management team, led by managing director Stephen Sanders will be joined by non-executive chairman Carolyn Simons, formerly managing director of Homestyle and commercial director of Homebase.
As a result of the sale, 153 staff will retain their jobs with the retailer.
Administrator Ian Robert of Kingston Smith LLP said: “After marketing the business we received a number of offers, the strongest of which was from the company’s existing management supported by restructuring specialist GA Europe, whose industry knowledge I hope will be a real asset in leading Shoon towards a bright future.
“I am pleased that this deal has helped preserve over 150 jobs in both the stores and head office in Wells, while ensuring the survival of a long established retail brand.”
Shoon managing director Stephen Sanders commented: “We are delighted to have a supportive investor in GA Europe and this will give us a firm financial platform from which to continue the process of stabilising and reviving the business.
“We would like to thank all our staff and loyal customers for their support during the difficult period when we have been in administration.”
Prior to its administration in February Shoon operated 23 stores and employed 280 staff. The 11 stores it will retain will be in Bath, Brighton, Cheltenham, Epsom, Guildford, Kingston-upon-Thames, Reading, Salisbury, St Albans, Tunbridge Wells and Winchester.