The high street retailers Edinburgh Woollen Mill and Bonmarché have been bought out of administration following a rescue deal, which could save around 2,500 jobs nationwide.
The Edinburgh Woollen Mill Group (EWM) which owns the chains has two branches in Scarborough, with Bonmarché in The Brunswick Centre and the Edinburgh Woollen Mill on Westborough.
Administrators confirmed a deal had been struck on Tuesday morning with Purepay Retail purchasing the group, a company backed by a consortium of investors.
The news will come as a relief to staff and shoppers as the high street has faced increased pressure as a result of the coronavirus pandemic.
The EWM group was just one of a number of retailers who embarked on major restructuring as a result of the Covid-19 pandemic, when it called in administrators last October.