Clothing retail company Big M, which is responsible for more than 100 Mandee, Annie Sez and Afaze stores across New Jersey, Long Island and Brooklyn, appears to have averted collapse with $22.5 million sale to Toronto-based YM Inc., The Wall Street Journal reports.

New Jersey-based Big M has been in bankruptcy since January, but YM intends to keep most of its stores open following the new deal's closure this week.

YM already operates around 600 stores in Canada, with names such as Suzy Shier and Bluenotes under its belt, making this clothing acquisition a sensible match.