By Marcus Leach
The sale of women's clothing retailer Alexon to a private equity firm has prevented 2,700 staff members from losing their jobs.
Administrators were called in when the struggling clothes retailer failed to find necessary funding.
KPMG sold the business to Sun Capital in a process known as a pre-pack administration, and as such saving the jobs of staff members.
"Unfortunately these options have failed to reach a satisfactory conclusion in the time available," the company said in a statement relating to administrators being called in.
"Following discussions with the group's lenders, it became clear that the group was unable to continue trading as a going concern."
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