An agreement has been reached for all Thomas Cook stores around the UK, including Scarborough's branch, to be bought by Hays Travel.
The independent travel agent chain will acquire a total of 555 stores from the Official Receiver and provide re-employment opportunities for former employees of Thomas Cook’s retail operations who were made redundant.
Hays have already recruited 421 former Thomas Cook personnel and says "there are further offers to former employees".
John and Irene Hays, managing director and group chair of Hays Travel, said: "Thomas Cook was a much-loved brand employing talented people. We look forward to working with many of them."
The move comes after Thomas Cook confirmed that all the companies in its group have ceased trading after failing to secure a rescue package from creditors on September 23.
All retail shops were also closed - including Scarborough's branch on Westborough.
However, Hays Travel currently have a branch on Aberdeen Walk, Scarborough.
David Chapman, the official receiver of Thomas Cook, said: "This represents an important step in the liquidation process, as we seek to realise the company's assets."
Former employees of Thomas Cook interested in job opportunities are invited to contact Hays Travel on 0800 215 5995 or visit Hays Travel website.