FASHION retailer tReds has turned its fortunes around after being bought out by another company.

All staff will keep their jobs, and the chain’s 21 branches will remain open, including stores in Worthing and Eastbourne.

As previously reported, the company went into administration on January 29.

On February 7 a PwC spokesman said administrators were “pleased with the interest shown in the business”.

The following day it was sold to New Gray Ltd.

The sale includes all 21 tReds stores across the UK and its online store, with all employees transferring to the new business.

All tReds stores remained opened during the period prior to the sale.

Ross Connock, PwC director and joint administrator, said: “This deal safeguards the jobs of all 159 members of staff and the continued trading of all 21 stores.

“In an extremely challenging environment, the sale provides a much needed boost for the retail sector and high street and stability for employees.”

The business had faced similar challenges to those seen across the retail sector, including “changing consumer behaviour and economic uncertainty”, administrators said.

This resulted in reduced revenues across the store portfolio and the partnership was placed into administration.