Poundstretcher, which is undergoing a rebrand to become Bargain Buys, will take over the premises in the middle of this month.
A notice on the door says that Park Rose agreed to a 40% reduction in rent payments when the Original Factory Shop went into voluntary administration last July.
But six months on, it was decided that arrangement was ‘unworkable’ and with national retailers showing interest in the site, terms were agreed with Poundstretcher.
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Last month, the Original Factory Shop said the Carnaby branch was ‘a well-performing store that it didn’t want to close’ and 12 jobs were affected.