Fears are rising for the future of numerous Russell & Bromley shoe stores following the recent sale of the brand. Next, a popular fashion retailer, 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, Russell & Bromley is a family-owned British brand. Despite its long history, the company has faced challenges in a competitive market, experiencing declining sales and widening losses.
The acquisition of Russell & Bromley by Next was completed through a pre-pack insolvency process overseen by Interpath, an advisory firm appointed in October to explore options and support a five-year turnaround plan led by CEO Andrew Bromley, a family member.
Interpath announced that Next would take over the Russell & Bromley brand, intellectual property, and three stores located in Chelsea, Mayfair, and the Bluewater Shopping Centre under a licensing agreement. The sale of the brand and intellectual property totaled £2.5 million, with Next also paying £1.3 million for existing stock. Approximately 40 employees are set to transition to Next as part of the deal.
Andrew Bromley stated, “After a strategic review with external advisors, we have made the difficult choice to sell the Russell & Bromley brand to ensure its future. We appreciate the support of our staff, suppliers, partners, and customers throughout our journey.”
While 33 stores and nine concessions are not part of the transaction, they will continue operating as the joint administrators evaluate potential options for their future. Interpath’s UK CEO, Will Wright, emphasized the brand’s legacy and commitment to quality craftsmanship, expressing intentions to sustain the remaining stores while exploring opportunities.
Next affirmed its commitment to preserving the heritage of the beloved British footwear brand, pledging to provide operational stability and expertise to support Russell & Bromley’s future endeavors in designing premium footwear and accessories.
—
For more money news and top deals sent directly to your phone, join our Money WhatsApp group by clicking here. Enjoy special offers, promotions, and advertisements from us and our partners. You are free to opt out of the community at any time. For more information, read our Privacy Notice.
Sign up for Mirror’s Money newsletter here to receive the best advice and shopping deals straight to your inbox.
