New Zealand etailer EziBuy is the new owner of Surfstitch.
The company beat out Surfstitch non-executive director Abigail Cheadle, with the pair locked in battle to salvage the surfwear group.
The decision was reached after a three-hour meeting yesterday, with 63% of creditors and class action shareholders voting against Cheadle's proposal.
The vote went to a deed of company arrangement proposed by EziBuy parent company, private equity firm Alceon Group.
Cheadle attempted to postpone the meeting earlier this week.
For more on Cheadle's take on the showdown, pick up Ragtrader's May edition.