The future of numerous Russell & Bromley shoe stores is uncertain following the brand’s recent sale. 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. This move comes as the family-owned Russell & Bromley, established in Eastbourne in 1879, faces challenges in a competitive market with declining sales and widening losses.
The sale to Next was facilitated through a pre-pack insolvency process managed by Interpath, an advisory firm engaged in October to explore options for the company’s five-year turnaround under the leadership of Andrew Bromley, a family member. Next will 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 involves a £2.5 million sale of the company name and IP, and Next is paying £1.3 million for existing stock, with approximately 40 staff transitioning to Next.
Andrew Bromley mentioned, “After a strategic review with external advisors, we have made the tough decision to sell the Russell & Bromley brand to ensure its future. We express gratitude to our staff, suppliers, partners, and customers for their longstanding support.” The remaining 33 stores and nine concessions not included in the sale will continue operating as administrators explore various options for their future, including potential closures or partnerships with other entities.
Will Wright, Interpath’s UK chief executive, emphasized the brand’s 147-year legacy of contemporary style and quality craftsmanship, expressing satisfaction with the transaction’s conclusion. He stated the intention to maintain operations of the remaining stores while assessing available options. Next highlighted its commitment to preserving the heritage of the British footwear brand, aiming to enhance operational stability and expertise to support Russell & Bromley’s future endeavors in creating premium footwear and accessories.
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