New York-based retail and real estate investor PK Acquisition LLC has bought value children's clothing retailer Priceless Kids Inc.

Founder Cathy Cohn, who set up the chain in 1990, will stay on as president and chief operating officer.

PK Acquisition LLC is led by Alan Cohen, chairman of financial consulting company Abacus Advisors Group LLC.

Cohen said he bought Priceless as a personal investment and will run the company externally to Abacus.

He added: "We believe Priceless Kids has a unique and valuable concept in an increasingly competitive market.

"It provides a comfortable shopping environment for parents and children alike, while offering quality branded children's goods at great prices."

The other investors involved in the group were not identified.

Priceless operates 32 stores in New York, Ohio, Pennsylvania, Massachusetts and Rhode Island under brand names such as Baby Togs, French Toast, Mudd, Bongo, and Buster Brown.

PK Acquisition said that Priceless would be adding a number of brands to its portfolio, including Laura Ashley, Eddie Bauer, Russell Athletic, Starter and New Balance. It added that no employees would lose their jobs due to the acquisition.