Around 400 employees at the renowned shoe retailer Russell & Bromley are facing an uncertain future following its acquisition by fashion powerhouse Next. Although Next has purchased the Russell & Bromley brand and certain assets, the transaction excludes 33 stores and nine concessions in the UK and Ireland, which will continue operations while administrators explore potential solutions.
Potential outcomes range from closure to a new company taking over operations under the Russell & Bromley brand, depending on negotiations with Next and store owners. Established in 1879 in Sussex, the family-owned Russell & Bromley has struggled in a competitive market, experiencing declining sales and widening losses.
Andrew Bromley, the shoe chain’s CEO and a family member, stated that after a strategic review with external advisors, the decision was made to sell the brand to secure its future. He expressed gratitude to staff, suppliers, partners, and customers for their historical support.
In other news, beauty brand Malin + Goetz has entered administration, resulting in the closure of its seven UK stores, impacting over 70 jobs. Online orders have been temporarily suspended, redirecting customers to third-party retailers like Liberty, John Lewis, and Space NK for purchases.
Furthermore, Morrisons supermarket chain reported a £381 million loss last year due to fierce competition and substantial debts. Despite reducing its debt, which now stands at over £3.1 billion, interest payments contributed to the annual loss. Morrisons aims to maintain its market share and improve financial performance amid challenging market conditions.
Nationwide building society has expanded eligibility for super-size mortgages, offering up to six times income for customers moving home or remortgaging at up to 95% loan-to-value. The relaxation in lending criteria aims to assist borrowers amidst rising house prices but raises concerns about increased debt obligations.
Consumer advocate Martin Lewis advises mobile customers out of contract to seek better deals to avoid overpaying. He emphasizes the importance of switching providers to benefit from cost savings and urges consumers to be proactive in managing their finances.
Lastly, UK inflation rose to 3.4% in December, driven by higher tobacco and airfare costs. The uptick marks the first increase in the headline rate in five months, attributed to an upsurge in tobacco duty and seasonal airfare prices during the holiday period.