Approximately 400 employees of the renowned shoe retailer Russell & Bromley are facing an uncertain future following its acquisition by fashion powerhouse Next. While Next has purchased the Russell & Bromley brand and certain assets, the deal excludes 33 stores and nine concessions in the UK and Ireland. These locations will remain operational as administrators explore potential options.
Various outcomes are being considered, ranging from closure to potential management by another entity under the Russell & Bromley name, in collaboration with Next and store proprietors. Established in 1879 in Sussex, the family-owned Russell & Bromley has been impacted by a competitive market, witnessing declining sales and increasing losses.
In light of these challenges, Andrew Bromley, the shoe chain’s CEO and a family member, announced the difficult decision to sell the Russell & Bromley brand as a strategic move to secure its future. Expressing gratitude, Bromley acknowledged the support of staff, suppliers, partners, and customers over the brand’s history.
In a separate development, beauty brand Malin + Goetz has entered administration, leading to the closure of its seven UK stores. Online orders have been temporarily suspended, with customers directed to third-party retailers for product purchases.
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In the financial sector, Nationwide building society has expanded eligibility for super-size mortgages, offering up to six times income at a 95% loan-to-value ratio. This adjustment aims to support new and existing customers, with varying income requirements based on applicant status.
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Lastly, consumer advocate Martin Lewis advises mobile customers to seek better deals when out of contract to avoid overpaying. Highlighting the potential savings and pitfalls of loyalty, Lewis encourages proactive market comparison for cost-effective mobile plans.