Liverpool-based Lewis's Home Retail has acquired the business and four stores of TJ Hughes from administrators Ernst & Young.
Lewis's Home Retail is a sister company of Benross Marketing, a successful retail wholesaling business owned by the Liverpool-based Juneja family.
The TJ Hughes acquisition includes the head store in London Road, Liverpool, together with stores in Eastbourne, Glasgow and Sheffield. Upon the completion of the transaction, all employees in these stores will transfer to Lewis's Home Retail.
Joint administrator Tom Jack, of EY, said: "We are delighted to have exchanged contracts on this deal, which saves 442 jobs and continues the TJ Hughes legacy in Liverpool, as well as in other locations across the UK."
EY continues to seek a sale of the company's remaining business and assets as a going concern, whilst also trading stock through the whole of the group's 57-store portfolio.