Jeanswest administrators KPMG have announced that a buyer has been found for the Australian operations of the business.
The administrators confirmed that a sale contract was signed with Harbour Guidance, an Australian subsidiary of Harbour Guide, a Hong Kong company owned by Mr Chun Fan Yeung - a minority shareholder in Howsea, the previous parent company of Jeanswest.
The sale is expected to be completed in mid-March and includes up to 106 stores.
The deal is anticipated to preserve the jobs of 680 employees but is conditional on landlords agreeing to revised lease terms with Harbour Guidance.
KPMG administrator James Stewart said that he was thrilled with the outcome.
"This is a great result for all parties.
"Retail is a people business and the Administrators greatly appreciate the resilience of the Jeanswest staff through this administration process."
Harbour Guidance MD George Yeung said that the business will look to grow Jeanswest through an omnichannel strategy.
"The acquisition of the Jeanswest business will present an opportunity to rejuvenate this iconic brand well known to the Australian community.
"We are committed to continue servicing Australian communities and grow the Jeanswest brand organically through an omnichannel service offering," he said.