The Greenwoods Menswear store in Halifax will remain open after the company was bought by Versatile International Trading.
The deal with the Bradford-based business will safeguard 40 stores and 181 jobs.
Greenwoods, a retailer of formal and casual menswear, was placed into administration last month.
The company was founded as a hat shop by Sir Willie Greenwood in 1860, and the first branch was in Bradford.
Accountancy giant Deloitte was appointed to be administrators on September 8. The sale, which includes all of the firm’s assets, will see 40 retail stores, the central warehouse and head office functions transferring to the buyer.
Stores in Halifax, Barnsley, Bradford, Chesterfield, Doncaster, Huddersfield, Harrogate, Keighley, Bridlington, Scarborough, Redcar, Wakefield and Worksop will remain open.
The remaining 22 stores will close immediately, seeing 88 redundancies. These include stores in Selby, Hull and Scunthorpe.
Deloitte’s Adrian Berry said: “This sale represents the best outcome for the business, which has been trading in administration for over six weeks. A significant proportion of the employees now have their jobs protected and we would like to thank all of them for their support.”
Greenwoods had operated from 63 stores and two concessions throughout the UK.