Harris Scarfe has been saved from the chopping block.
Spotlight Group has been approved to buy the 170-year-old department store, after receivers found a buyer for the embattled business.
It is understood four parties were shortlisted to purchase the retailer - and given access to the key trading records of the business.
Spotlight Group currently owns and operates Spotlight, Anaconda and Mountain Designs retail stores.
Receivers from Deloitte said while the final details of the transactions are ongoing, they are optimistic 44 stores will be retained.
There are 1300 employees across the business.
Receiver Vaughan Strawbridge said a settlement of sale could happen as early as April.
“There is still a lot of work we need to do together to finalise the transaction and we will be working with the Spotlight Group and the Harris Scarfe leadership team to make this happen.
"We are hopeful all of the 44 stores will be retained under the sale but ultimately, this will be dependent on how the transaction progresses over the next couple of weeks.”