LOS ANGELES — Clothestime has once again found a lifeline.

The beleaguered, 250-unit apparel chain is under new ownership, with a fresh turnaround strategy. JM Associates, an apparel manufacturer in New York, has bought Clothestime’s assets and liabilities in a stock deal geared to infuse new capital into the roughly $150 million company and return it to its roots as a seller of junior fashions at rock-bottom prices.

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