Approximately 400 employees at the esteemed footwear retailer Russell & Bromley are facing an uncertain future following its acquisition by the fashion powerhouse Next. While Next has acquired 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 potential options.
The future of these establishments ranges from possible closure to potential management by another company under the Russell & Bromley brand if an agreement is reached with Next and store owners. Established in 1879 in Sussex, the family-owned Russell & Bromley has built its reputation on British heritage but has struggled in a fiercely competitive market, experiencing declining sales and widening losses.
Andrew Bromley, the chief executive of the shoe chain and a family member, expressed that the decision to sell the Russell & Bromley brand was made after a strategic evaluation with external advisors to secure the brand’s future. He extended gratitude to staff, suppliers, partners, and customers for their steadfast support over the years.
In other news, beauty brand Malin + Goetz has entered administration, leading to the closure of its seven stores across London. The online ordering service has been temporarily suspended, but customers can still purchase Malin + Goetz products through third-party retailers like Liberty, John Lewis, and Space NK.
In the financial sector, Morrisons, a struggling supermarket chain, reported a loss of £381 million last year due to intense market competition and substantial debts. Despite a decrease in owed amounts, the company still faces significant debt obligations. The chief executive highlighted the competitive grocery market and the company’s commitment to providing value to customers through price cuts.
Furthermore, Nationwide building society has announced an extension of its super-size mortgage eligibility criteria, allowing borrowers to access larger loans at higher loan-to-value ratios. The society will now lend up to six times income to customers moving home or remortgaging, with higher limits for existing Nationwide customers.
Lastly, personal finance expert Rajan Lakhani recommended setting up an “autosave” rule on banking apps to maximize savings potential. By utilizing auto-saving tools, individuals can save a significant amount annually, with various digital banks offering this feature.