Fears have arisen regarding the future of numerous Russell & Bromley shoe stores following the brand’s recent sale. The renowned fashion entity Next has acquired the brand name and certain assets in the deal, excluding its 33 stores and nine concessions in the UK and Ireland, which employ approximately 400 individuals.
Established in 1879 in Eastbourne, East Sussex, the family-owned Russell & Bromley proudly operates as a British brand. Despite its longstanding history, the retailer has faced challenges in a highly competitive market, experiencing declining sales and widening losses.
The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, an advisor appointed in October to explore alternatives and support a five-year turnaround initiative led by Andrew Bromley, a family member and current chief executive.
Interpath disclosed that Next will acquire the Russell & Bromley brand, intellectual property, and will operate three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre under license. The transaction for the brand and intellectual property amounts to £2.5 million, with an additional £1.3 million for stock. Approximately 40 employees will transition to Next as part of the deal.
Andrew Bromley expressed, “After conducting a strategic review with external consultants, we have made the difficult decision to sell the Russell & Bromley brand to ensure its future. We extend our gratitude to our staff, suppliers, partners, and customers for their longstanding support.”
The 33 stores and nine concessions excluded from the transaction will remain operational as the joint administrators explore potential options. Possibilities range from closure to potential management by another company, including a prospective deal with Next or the store owners.
Will Wright, UK chief executive of Interpath, emphasized the brand’s historical significance and commitment to contemporary style, noting the transaction’s importance in preserving the brand’s quality craftsmanship. The intention is to sustain the remaining stores while assessing available options.
Next stated, “This acquisition secures the future of the beloved British footwear brand. We aim to build on its legacy, providing operational stability and expertise to support Russell & Bromley’s next phase, focusing on designing and curating premium footwear and accessories for years to come.”