Concerns have arisen about the fate of numerous Russell & Bromley shoe stores following the brand’s recent sale. The well-known 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 workers.
Established in 1879 in Eastbourne, East Sussex, the family-owned Russell & Bromley has a strong British identity but 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 advisor engaged in October to explore strategic options and support a five-year revitalization plan led by CEO Andrew Bromley, a family member.
Interpath announced that Next would take over the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, which will operate under license. The transaction involved the sale of the brand and IP for £2.5 million, with Next paying £1.3 million for stock, and approximately 40 employees transferring to Next.
Andrew Bromley stated, “After a thorough strategic review with external consultants, we have made the tough decision to sell the Russell & Bromley brand to ensure its future success. We are grateful to our staff, suppliers, partners, and customers for their longstanding support.”
The deal does not include 33 stores and nine concessions, which will remain operational as administrators evaluate potential options. Various outcomes are being considered, from closure to potential management by another company or Next in partnership with store owners.
Will Wright, UK CEO of Interpath, emphasized the brand’s historical significance and commitment to quality craftsmanship, expressing satisfaction with finalizing the transaction to preserve Russell & Bromley’s legacy.
Next emphasized that the acquisition secures the future of the beloved British footwear brand, pledging to uphold its tradition of offering premium footwear and accessories for years to come.