The Belfast outlet of Pretty Green, a brand founded by Oasis frontman Liam Gallagher, is to cease trading after the business was bought by JD Sports.
The sale does save 72 jobs overall as it includes the brand, online and wholesale business and its Manchester flagship store.
But the remaining 11 Pretty Green shops, including the one in Victoria Square, and 33 House of Fraser concessions will cease trading immediately, affecting 95 employees.
Simon Thomas, partner at business advisory firm Moorfields, said that it was pleased to have secured the sale of the Pretty Green brand.
He added: "We have worked hard over the last few weeks in challenging circumstances to secure the best outcome for the business, its creditors and its employees."
Meanwhile Peter Cowgill, executive chairman of JD Sports, said the brand was "highly regarded".
"We look forward to working with the team on future positive developments," he said.
It emerged earlier in the week that the label was to be sold to a sportswear retailer, though it was unclear if the buyer was JD Sports or Mike Ashley's Sports Direct. However, Mr Gallagher appeared to oppose selling the business to Mr Ashley in a Twitter post.
The brand went into administration last week after appointing advisers from Moorfields to oversee options for its future.
In August it was left around £500,000 out of pocket from the administration of House of Fraser, becoming one of hundreds of suppliers to lose money in the chain's collapse.
Advisers said Pretty Green, named after a song by The Jam, had also been affected by the weaker retail environment as firms struggle with higher costs and the shift to online shopping.
The company's turnover jumped to £38.2m in the 16 months to January 2018. Pre-tax losses narrowed to £1.5m from a £5.6m loss in the prior period.
The closure of Pretty Green stores is the latest development for the troubled retail sector.
Earlier this year womenswear retailer LK Bennett, a favourite of the Duchess of Cambridge, went into administration. However, its Victoria Square shop remains open.
And last year occasionwear chain Coast announced its administration, leading to the closure of its shop in the Belfast centre.
However, there was better news when Sports Direct announced it had struck a deal with the landlord of Victoria Square to remain as the centre's anchor tenant. Sports Direct bought House of Fraser following its administration.