Fears are mounting for the future of numerous Russell & Bromley shoe outlets following the sale of the brand. Next, a prominent 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, as a proudly British brand, family-owned Russell & Bromley has faced challenges in a competitive market, experiencing declining sales and increasing losses.
The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, an advisor engaged in October to explore options and support a five-year turnaround plan led by Andrew Bromley, a family member and the chief executive.
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 licensing agreement. The transaction for the brand and IP is valued at £2.5 million, with Next paying £1.3 million for existing stock. Additionally, around 40 employees will transition to Next.
Andrew Bromley stated that after a strategic review with external consultants, the challenging decision was made to sell the Russell & Bromley brand to secure its future. He expressed gratitude to staff, suppliers, partners, and customers for their ongoing support.
While 33 stores and nine concessions are not part of the acquisition, they will continue operating under the management of joint administrators who are exploring various options, from potential closure to seeking new operators, possibly including Next or other interested parties.
Will Wright, Interpath’s UK chief executive, emphasized the brand’s long history of style leadership and quality craftsmanship, stating their commitment to maintaining the remaining store portfolio and exploring available opportunities.
Next emphasized that the acquisition ensures the future of the beloved British footwear brand, aiming to build on its legacy by providing operational stability and expertise to support its ongoing success in designing premium footwear and accessories.
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