The £350 million takeover of House of Fraser by Icelandic retail investor Baugur's Highland Acquisitions vehicle was rubber stamped in court yesterday.
Papers detailing the scheme of arrangements to de-list House of Fraser were formally approved at the High Court in London yesterday.
Shareholders who over-whelmingly backed the buy out will receive 148p for each of their share when the company goes private later this week.
A statement released by the firm said: "The board of House of Fraser is pleased to announce that the High Court sanctioned the scheme at the court hearing."
Trading in HoF shares have now been suspended and they will be formally de-listed tomorrow.
But House of Fraser was remaining tight-lipped about the identity of the management team Highland would be installing at the company which has ten stores in the Midlands trading under its own and the Beatties names.
Members of Highland include Kevin Stanford, who was previously with women's clothing retailer Karen Millen, Bank of Scotland, and Don McCarthy, the former chief executive of Rubicon - the company which previously owned Warehouse and Principles.
Mr McCarthy is rumoured to become the chairman of House of Fraser, while it has been reported that John King, chief executive of Matalan, could be revealed as the new boss.
Mr King is scheduled to leave Matalan in December having already resigned from the low price clothing and home furnishings retailer ahead of the takeover by its founder John Hargreaves.
News of his possible new role emerged yesterday as Mr Hargreave's acquisition vehicle Missouri Bidco, filed documents outlining the timetable of its takeover of Matalan.
Shareholders will vote on the takeover at an AGM on November 29 and Matalan is set to be delisted on December 22.
The potential appointment of Mr King is likely to surprise the retail sector, given that he has never run an upmarket department store.
Mr King's arrival at House of Fraser would signal the end of John Coleman's stint as the company's chief executive, a post he has held for the last ten years.