Fears have arisen regarding the fate of numerous Russell & Bromley shoe stores following the exclusive sale of the brand. Next, a well-known fashion retailer, has acquired the brand name and certain assets, excluding its 33 stores and nine concessions in the UK and Ireland, which employ about 400 individuals.
Established in 1879 in Eastbourne, East Sussex, Russell & Bromley is a family-owned British brand that has faced challenges in a competitive market, experiencing declining sales and increased losses.
The sale to Next was facilitated through a pre-pack insolvency process managed by Interpath, an advisor engaged in October to explore options and support a five-year turnaround plan led by Andrew Bromley, a family member and the company’s CEO.
Interpath disclosed that Next would take over the Russell & Bromley brand, intellectual property, and three specific stores in Chelsea, Mayfair, and the Bluewater Shopping Centre under a licensing agreement. The transaction for the brand and intellectual property amounted to £2.5 million, with an additional £1.3 million paid by Next for existing stock. Approximately 40 employees are set to transition to Next as part of the deal.
Andrew Bromley stated, “After a thorough review with external consultants, we have made the tough decision to sell the Russell & Bromley brand to ensure its future. We are grateful to our staff, suppliers, partners, and customers for their unwavering support over the years.”
The agreement does not include 33 stores and nine concessions, which will remain operational while administrators evaluate various options, ranging from closure to potential new management under the Russell & Bromley brand in collaboration with Next and store owners.
Will Wright, Interpath’s UK CEO, expressed satisfaction with the deal, emphasizing the brand’s heritage and commitment to quality craftsmanship. The plan is to sustain the remaining stores for as long as possible while exploring future strategies.
Next emphasized that the acquisition safeguards the future of the beloved British footwear brand. They aim to build on the brand’s legacy, ensuring operational stability and expertise to propel Russell & Bromley into its next phase, focusing on designing premium footwear and accessories for years to come.