Lingerie chain La Senza collapsed into administration on Monday but 60 of its stores were bought immediately by Arabian retail group Alshaya, report the Press Association.
Some 1,100 jobs are believed to have been saved.
However, more than 100 outlets are likely to be closed, triggering around 1,300 redundancies.
Administrator KPMG said that it had closed 84 stores and 18 concessions, resulting in more than half of the workforce losing their jobs.
Alshaya, which snapped up some of the stores, already owns stakes in a number of British retailers including Next, Debenhams and Mothercare.
It bought the stores in a controversial "pre-pack" administration deal that allows the assets of companies to be snapped up while its debts are written off.