Fears are mounting over the fate of numerous Russell & Bromley shoe stores following the brand’s recent sale. The renowned fashion retailer, Next, 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, Russell & Bromley is a family-owned business known for its British heritage. However, the company 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 advisory firm engaged in exploring options and supporting a five-year turnaround led by the CEO, Andrew Bromley. Next will take over the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, operating them under license. The deal 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 acquisition.
Andrew Bromley expressed, “After a strategic review with external advisors, we have made the tough decision to sell the Russell & Bromley brand to secure its future. We appreciate the support of our staff, suppliers, partners, and customers throughout our history.”
The remaining 33 stores and nine concessions not included in the sale will continue operations while administrators evaluate potential outcomes, ranging from closure to potential management by another entity under the Russell & Bromley brand, subject to agreements with Next and store owners.
Will Wright, Interpath’s UK CEO, stated, “With a rich 147-year history of setting trends in style, Russell & Bromley’s legacy will be preserved through this transaction, maintaining its reputation for quality craftsmanship.” The intention is to sustain operations of the remaining stores while exploring available options.
Next affirmed, “This acquisition secures the future of the beloved British footwear brand. We aim to build on its heritage, providing operational support for Russell & Bromley’s future endeavors in designing premium footwear and accessories.”
