In The Style's £1.2m sale to a private equity firm in a bid to avoid collapsing into administration has been completed.
The Salford-headquartered fashion brand's move had been narrowly approved by shareholders at the end of last week.
The operating company, In The Style Fashion, has been bought by Baaj Capital LLP.
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As a result of the deal, In The Style Group plc is to change its name to Itsum plc.
The resignations of Adam Frisby, Nancy Cruickshank, Adam Bellamy and Matthew Scaife have also now become effective.
Mr Frisby founded In The Style and had been serving as its interim chief executive.
Mrs Cruickshank was a senior independent non-executive director, Mr Bellamy was an independent non-executive director and Mr Scaife was a non-executive director.
The board of Itsum plc now comprises of Jim Sharp and Richard Monaghan. Mr Sharp had been In The Style's non-executive chairman and Mr Monahan had been chief financial officer.
The company is now an AIM Rule 15 cash shell, with no operating business.
Its shares will now be suspended from trading on AIM on September 27 if a members voluntary liquidation has not been concluded by then.
The deal included a condition that founder Adam Frisby takes a stake in ITS Holdings 2023 Limited (Bidco), a newly-established company formed for the purposes of the sale and to also become chief executive of ITSFL on completion.
Earlier this month In The Style said that during the process, which was led by Lincoln International, it "had positive engagement" with several potentially interested parties but that some made proposals that were "not deemed by the board to be deliverable on an acceptable timescale". It added that none of the proposals involved an offer for the whole company.
The strategic review was kicked off in December at the same time as Mr Frisby returned as interim chief executive, replacing Sam Perkins.
At the time, the company said "the outcome of the strategic review may or may not result in a sale of the company or some or all of the group's business and assets".
In The Style floated on the London Stock Exchange's AIM in March 2021 with a market capitalisation of £105m.
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