Canadian fashion retail chain Fairweather, the sole remaining retail asset of insolvent Dylex Ltd, has been snapped up by a mystery buyer.

Interim receivers confirmed that the 71-store chain has been purchased by a Canadian retail chain for an undisclosed sum - subject to court approval.

They added that the banner would remain the same and employees would be relatively unaffected.

Rumoured as key contenders were men's clothing chain Grafton-Fraser Inc, whose owner took part in a failed attempt to buy Fairweather for $22-million earlier this year, Montreal-based women's apparel chain Jacob,and Club Monaco founder Joseph Mimran.

Grafton-Fraser paid $32.8m for Dylex's Tip Top Tailors, San Remo Knitting Mills and Western Apparel divisions in July, 2000. Reitmans, International Clothiers and Mark's Work Wearhouse also reportedly expressed interest.

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