Around 400 employees at the well-established 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 deal excludes 33 stores and nine concessions in the UK and Ireland, which will remain operational as administrators explore various options.
Possible outcomes range from closure to the potential acquisition of these locations by another entity, including a potential agreement with Next and the current store owners. Founded in Sussex in 1879, the family-owned Russell & Bromley prides itself on its British heritage. However, the retailer has struggled in a competitive market, experiencing declining sales and widening losses.
Andrew Bromley, the chief executive and a family member, expressed: “Following a strategic review with external advisers, we have made the tough decision to sell the Russell & Bromley brand. This step is crucial to safeguard the brand’s future, and we extend our gratitude to our staff, suppliers, partners, and customers for their longstanding support.”
In other news, beauty brand Malin + Goetz has gone into administration, leading to the closure of its seven UK stores and impacting over 70 jobs. While online orders are temporarily suspended, customers can still purchase Malin + Goetz products through third-party retailers like Liberty, John Lewis, and Space NK.