Fears are escalating regarding the fate of numerous Russell & Bromley shoe stores following the brand’s recent acquisition. Next, a prominent fashion retailer, has purchased 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 that has faced challenges in a competitive market, experiencing declining sales and increased losses.
The sale to Next was facilitated through a pre-pack insolvency process managed by Interpath, an advisory firm appointed in October to explore options and support a five-year turnaround led by CEO Andrew Bromley, a family member.
Next will acquire the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre under license. The transaction includes the sale of the company name and IP for £2.5 million, with Next paying £1.3 million for stock. Approximately 40 employees will transition to Next.
Andrew Bromley stated, “After a strategic review with external advisors, we have made the tough decision to sell the Russell & Bromley brand to secure its future. We are grateful to our staff, suppliers, partners, and customers for their ongoing support.”
The remaining 33 stores and nine concessions not included in the deal will continue operating while administrators assess potential options, which could range from closure to potential management by another company under the Russell & Bromley brand, subject to a possible agreement with Next and store owners.
Will Wright, Interpath’s UK CEO, emphasized the brand’s history and commitment to quality craftsmanship, expressing satisfaction with the transaction’s conclusion to preserve the brand’s legacy.
Next highlighted that the acquisition safeguards the future of the beloved British footwear brand and aims to build upon its heritage, ensuring operational stability and expertise to support Russell & Bromley’s future endeavors in designing premium footwear and accessories.
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