Fears have heightened concerning the fate of numerous Russell & Bromley shoe stores following the brand’s recent sale. The renowned fashion entity Next 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, as a proudly British brand, the family-owned Russell & Bromley 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 advisor appointed to explore options and support a five-year turnaround led by Andrew Bromley, a family member and the chief executive.
Next will take over the Russell & Bromley brand, intellectual property, and three specific stores in Chelsea, Mayfair, and the Bluewater Shopping Centre under a licensing agreement. The deal involves the transfer of staff and assets worth £2.5 million for the company name and intellectual property, and £1.3 million for stock.
Andrew Bromley expressed, “Following 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 longstanding support.”
The future of the 33 stores and nine concessions not included in the transaction remains uncertain, with administrators evaluating various possibilities, from closure to potential management by another company or a deal with Next.
Will Wright, Interpath’s UK chief executive, highlighted the brand’s history of contemporary style and craftsmanship, emphasizing the intent to sustain the remaining store portfolio while exploring available options.
Next stated, “This acquisition safeguards the future of the beloved British footwear brand, aiming to uphold its legacy and deliver operational stability to support its continued success in offering premium footwear and accessories.”
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