Fears have arisen regarding the fate of numerous Russell & Bromley shoe stores following the exclusive sale of the brand. Next, a major player in the fashion industry, has acquired the brand and certain assets, excluding its 33 stores and nine concessions in the UK and Ireland, where approximately 400 employees work.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley is a family-owned business known for its British heritage. Despite its proud history, the retailer has faced challenges in a competitive market, experiencing declining sales and increasing losses.
The sale of Russell & Bromley to Next was facilitated through a pre-pack insolvency process overseen by Interpath, an advisor appointed in October to explore options for the brand’s five-year turnaround led by CEO Andrew Bromley, a member of the family. Next will take ownership of the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre under a licensing agreement. The transaction involves a £2.5 million acquisition of the company name and IP, with Next paying £1.3 million for existing stock. Approximately 40 employees will transition to Next as part of the deal.
Andrew Bromley commented, “After a thorough strategic review with external consultants, we have made the tough decision to sell the Russell & Bromley brand. This decision is aimed at securing the brand’s future, and we express gratitude to our staff, suppliers, partners, and customers for their continuous support.”
While 33 stores and nine concessions are excluded from the sale, they will remain operational as joint administrators explore various options for their future. Interpath’s UK CEO, Will Wright, expressed satisfaction with the transaction, emphasizing the preservation of Russell & Bromley’s brand legacy and commitment to quality craftsmanship. The intention is to sustain the remaining store portfolio while assessing available options.
Next stated, “This acquisition ensures the future of the beloved British footwear brand. We are committed to upholding the brand’s legacy and providing the necessary operational support for Russell & Bromley to continue delivering premium footwear and accessories for years to come.”