The site and the business has been bought by Ulster Stores Ltd, a family-owned Northern Irish firm.
Under the terms of the deal neither company is willing to disclose how much money has changed hands.
However, the most recent valuation last May estimated that the freehold site was worth £30 million.
The new owners already own three department stores: Moores of Coleraine and the Whitehouse Portrush in Northern Ireland and Clares in Llandudno in North Wales.
They also own three Captain Cooks home stores shops.
De Gruchy store manager Nicola Taylor said the new proprietors were not planning any changes to the shop in the next 12 months.
‘Their intention is to watch and learn.
They do not intend to make any changes during that time, they do appreciate that Jersey is different,’ she said.