The Edinburgh Woollen Mill Group has confirmed it's bought Tynwald Mills.
It comes following speculation the department store in St Johns had been accquired by the retailer yesterday.
Edinburgh Woollen Mill is a Carlisle based retailer specialising in clothing, owned by the Dubai-based British billionaire Philip Day.
In a statement, the business says its 'committed' to rejuvenating the shopping centre; and ultimately wants to attract more tourists to the Island.
The Group says its immediate priority is to ensure Tynwald Mills becomes recognised not only for shopping but as a fantastic day out.
Castletown police station could be yours... for £250,000
Brewery advertising for operator for landmark Laxey pub
Hospice cafe reopens next week after refurb
Another one bites the gust - as Ramsey rocks cancelled
Mountain Road closed again after crash
Merchant Navy Day to be marked with memorial service
Fundraiser launched for injured MGP rider
Noel back in the saddle after handy pub pumping leaves him smiling
