The fashion business has been saved by an international consortium, led by former chief operating officer, Steve Simpson.
The chain was previously part of the Edinburgh Woollen Mill (EWM) Group, which collapsed last November after its owners failed to secure a buyer for the brands before a set deadline.
Simpson reportedly hopes to reopen the stores once non-essential retailers are allowed out of lockdown.
It added the company hoped that its 1,850 store staff, who are currently on furlough, will be able to return to work once stores reopen, along with more than 150 in head office and support.
Retail Sector has contacted FRP Advisory for further comment.