In a surprise change of heart, the owners of Douglas have cancelled the planned IPO that they had announced just last week.
Instead of heading back to the stock exchange, investors CVC Capital Partners will purchase Douglas from current owners Advent International.
Both parties involved have agreed not to disclose the price.
Last week, financial sources estimated that the retail chain could be valued at up to €3 billion, or $3.3 billion, in its initial public offering.
Douglas maintains more than 1,700 stores in 19 countries and has online shops in 15 countries. According to its own data, the chain has a market share of 17 percent and sees itself as the market leader in Europe after its takeover of French competitor Nocibé in 2014.