Around 400 employees at the renowned shoe retailer Russell & Bromley are facing an uncertain future following its acquisition by Next, a major fashion retailer. Next has acquired the Russell & Bromley brand and some assets, excluding 33 stores and nine concessions in the UK and Ireland, which will continue operating as administrators explore potential solutions.
Various outcomes are being considered, ranging from closure to potential continuation under the Russell & Bromley brand with involvement from Next and store owners. Established in Sussex in 1879, the family-owned Russell & Bromley has struggled in a competitive market, experiencing declining sales and increasing losses.
Chief Executive Andrew Bromley expressed the challenging decision to sell the brand after a strategic review, emphasizing that it was the best approach to ensure the brand’s future. The company thanked its staff, suppliers, partners, and customers for their longstanding support.
In other news, beauty brand Malin + Goetz has gone into administration, resulting in the closure of its seven UK stores and the impact on over 70 jobs. While online orders are temporarily halted, customers can still purchase Malin + Goetz products through third-party retailers such as Liberty, John Lewis, and Space NK.
Furthermore, Morrisons, a struggling supermarket chain, reported a £381 million loss last year amid fierce competition and significant debts. Despite reducing its debt burden, the company still owes over £3.1 billion, leading to another annual loss. Morrisons faces challenges in maintaining its market share, with the risk of losing its position as the fifth-largest grocer to the fast-growing discounter Lidl.
Nationwide building society has announced an expansion in the eligibility criteria for larger mortgages, offering up to six times income for new and existing customers. The building society aims to support customers moving home or remortgaging with high loan-to-value options. The move is expected to assist individuals seeking increased borrowing capacity amidst rising house prices.
Moreover, a personal finance expert recommends setting up an “autosave” rule on banking apps to maximize savings potential. By utilizing auto-saving tools, individuals could accumulate significant savings over the year, with options to enhance returns through high-interest savings accounts.
Lastly, the Office for National Statistics reported a 2.5% annual house price growth in November, with the average UK monthly private rents also showing a moderate increase. Despite rising inflation, mortgage borrowers can benefit from competitive rates and an expanding range of mortgage deals available in the market.