Fears have heightened concerning the fate of numerous Russell & Bromley shoe stores following the brand’s recent sale. Next, a prominent fashion retailer, has acquired the brand name and certain assets, excluding the 33 stores and nine concessions in the UK and Ireland, which employ approximately 400 individuals.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley, a family-owned business, has faced challenges in a competitive market, experiencing declining sales and widening losses.
The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, an advisory firm appointed in October to explore options and support a five-year turnaround led by Andrew Bromley, a family member and the CEO.
Interpath announced that Next would take over the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre under a license agreement. The transaction involved a £2.5 million acquisition of the company name and IP, with Next paying £1.3 million for stock. Additionally, around 40 employees will transition to Next.
Andrew Bromley stated, “After a strategic review with external consultants, we have made the tough decision to sell the Russell & Bromley brand to ensure its future. We are grateful to our staff, suppliers, partners, and customers for their enduring support.”
The deal excludes 33 stores and nine concessions, which will remain operational while administrators explore various options. These options could range from closure to potentially finding a new operator, including negotiations with Next and store landlords.
Will Wright, Interpath’s UK CEO, expressed satisfaction with the transaction, emphasizing the preservation of Russell & Bromley’s brand and commitment to quality craftsmanship. The intention is to continue operating the remaining stores as long as feasible while evaluating available options.
Next affirmed, “This acquisition secures the future of a beloved British footwear brand. We aim to build on its legacy, providing operational stability and expertise to support Russell & Bromley in returning to its core mission of designing and curating premium footwear and accessories.”
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