Fears are mounting over the future of numerous Russell & Bromley shoe stores following the brand’s recent sale. The renowned fashion retailer Next 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, the family-owned Russell & Bromley is a proud British brand. Despite its historical significance, the company has faced challenges in a competitive market, experiencing declining sales and widening losses.
The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, a consultancy appointed in October to explore options and support a five-year turnaround initiative led by Andrew Bromley, a family member.
As part of the deal, 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 purchase price for the brand and IP, with an additional £1.3 million for stock. Around 40 employees are set to transition to Next.
Andrew Bromley commented, “After a thorough strategic review with external advisors, we have made the tough decision to sell the Russell & Bromley brand to secure its future. We extend our gratitude to our staff, suppliers, partners, and loyal customers for their support.”
While 33 stores and nine concessions are not part of the acquisition, they will continue to operate as administrators explore various options for their future. Interpath’s UK chief executive, Will Wright, emphasized the brand’s rich history and commitment to quality craftsmanship, expressing intent to sustain operations while evaluating available choices.
Next affirmed its commitment to preserving the iconic British footwear brand’s legacy, aiming to provide operational stability and expertise for Russell & Bromley’s continued success in delivering premium footwear and accessories.
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