Fears are mounting regarding the fate of numerous Russell & Bromley shoe stores following the brand’s recent sale. Retail heavyweight Next has acquired the brand name and certain assets, excluding its 33 stores and nine concessions in the UK and Ireland, which employ approximately 400 individuals.
Established in 1879 in Eastbourne, East Sussex, the family-owned Russell & Bromley has a strong British identity. However, the retailer has faced challenges in a competitive market, experiencing declining sales and widening losses.
The sale to Next was executed through a pre-pack insolvency process overseen by Interpath, an advisor appointed in October to explore options and support a five-year turnaround led by CEO Andrew Bromley, a family member.
Under the deal, Next will take over the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, which will be operated under license. The transaction includes a £2.5 million purchase of the company name and intellectual property, and a £1.3 million payment for stock. Approximately 40 employees will transition to Next.
Andrew Bromley stated, “After a strategic review with external advisors, we have made the difficult decision to sell the Russell & Bromley brand to secure its future. We appreciate the support of our staff, suppliers, partners, and customers throughout our history.”
The 33 stores and nine concessions not included in the sale will remain open while joint administrators explore potential options. These options range from closure to potential management by another company under the Russell & Bromley name if an agreement can be reached with Next and store owners.
Will Wright, Interpath’s UK CEO, emphasized the brand’s historical significance and commitment to quality craftsmanship. He expressed the intention to continue operating the remaining stores while evaluating available options.
Next affirmed its commitment to preserving the beloved British footwear brand’s legacy. The company aims to provide operational stability and expertise to support Russell & Bromley’s future endeavors in designing premium footwear and accessories.
[Note: The last two sections with outlet stores, concessions, and newsletter information have been omitted for brevity and relevance to the article’s essence.]