M&Co was put up for sale by Teneo in December and has now reportedly been purchased by A K Retail, which owns Yours Clothing.
The move came after M&Co, which has stores in Bridgnorth, Oswestry, Newport, Welshpool and Stourport announced it has collapsed into administration but would continue to trade.
Now a deal has been agreed but the stores won't be saved.
A post on M&Co's Oswestry Facebook page said: "Sadly we received the news that although the M&Co brand name has been bought by A K Retail, none of our lovely shops will be saved.
"We are all devastated by this news, but will continue to work together to bring our shop to a close.
"We haven’t been given an official date yet, but around Easter is our estimate.
"We continue to receive deliveries as the business clears the warehouse and we are even receiving some new Spring lines in, still at fab 30 per cent discount. We hope to see you all over the next few weeks and we are so thankful for all the support you have been giving us since we entered administration in December.
"Please note, we will still accept Gift Cards but this will stop on Saturday so please come in and spend them this week. Much love."
M&Co, previously known as Mackays, is said to have started as a pawnbroker in Paisley, Renfrewshire, in the 19th century but switched to selling clothes in the 1950s.
AK Retail said it is “considering all options”.
The Peterborough company, owners of Yours Clothing, BadRhino, Long Tall Sally and Pixiegirl, last week announced that it had purchased the M&Co brand from the administrators for an undisclosed sum.
AK Retail said: “M&Co was put into administration for the second time in December.
“Chief executive Andrew Killingsworth said that he is delighted that this longstanding brand would be kept alive.
“At the moment we are considering all options as we continue to work with our online, third party partners and others.”