Fears are rising concerning the future of numerous Russell & Bromley shoe stores following the brand’s recent acquisition. The fashion powerhouse 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, Russell & Bromley is a British brand that 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 the family member and chief executive, Andrew Bromley.
Interpath disclosed that Next would take over the Russell & Bromley brand, intellectual property, and three key stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, operating them under license. The deal involves a £2.5 million sale 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, “Following a strategic review with external advisors, we have made the difficult decision to sell the Russell & Bromley brand to secure its future.” He expressed gratitude to staff, suppliers, partners, and customers for their longstanding support.
The 33 stores and nine concessions not included in the transaction will remain operational while joint administrators explore potential options for their future. Possibilities range from closure to a new company taking over their management under the Russell & Bromley brand, pending negotiations with Next and store owners.
Will Wright, Interpath’s UK chief executive, emphasized Russell & Bromley’s history of contemporary style and craftsmanship, highlighting the preservation of the brand’s legacy through the acquisition. The intention is to continue operating the remaining stores while assessing available options.
Next emphasized that the acquisition safeguards the future of the beloved British footwear brand, promising to build on its legacy and provide operational stability to support its ongoing success in designing premium footwear and accessories.
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