John Reid and Lee Manning of Deloitte were appointed as joint administrators of the company, which operates 12 stores throughout Scotland, Northern Ireland, and the Midlands and has been established in Glasgow and Edinburgh for almost 30 years.
The company found itself in financial difficulty following its reorganisation in May 2009 and the downturn in the retail sector which led to poor trading performance.
The management undertook a protracted and extensive search to find a buyer but none was identified and the decision was taken to restructure the company via an administration.
Immediately following the appointment the administrators closed two stores at Dundee where leases had been due to expire on 31 December 2010 and Livingston.
The business and assets of the remaining 10 stores were immediately acquired by a new company, owned by Sir Tom Hunter, which will continue to trade under the brand name Cruise.
John Reid, joint administrator and head of Deloitte restructuring in Scotland, said: “As part of the restructuring of the company, we have concluded an immediate sale of the business and assets for 10 of the Cruise stores to a new venture led by Sir Tom Hunter. This sale not only secures the future of the brand in the UK but also preserves over 300 jobs.”