Fears have heightened concerning the future of numerous Russell & Bromley shoe stores following the brand’s recent sale. Next, a prominent fashion retailer, has acquired the brand name and certain assets, but the deal excludes its 33 stores and nine concessions in the UK and Ireland, employing approximately 400 individuals.
Established in 1879 in Eastbourne, East Sussex, the family-owned Russell & Bromley operates as a proudly British brand. Despite its heritage, the retailer has faced challenges in a competitive market, experiencing declining sales and widening losses.
The sale to Next was facilitated through a pre-pack insolvency process overseen by Interpath, an advisory firm appointed in October to explore options and support a five-year turnaround led by CEO Andrew Bromley, a family member.
Interpath confirmed that Next would acquire the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre, which will operate under license. The sale of the brand and IP amounts to £2.5 million, with Next paying £1.3 million for stock. Approximately 40 employees will transition to Next.
Andrew Bromley stated, “After a thorough strategic review with external advisors, we have made the tough decision to sell the Russell & Bromley brand to secure its future. We extend our gratitude to our staff, suppliers, partners, and customers for their longstanding support.”
The transaction does not include 33 stores and nine concessions, which will remain operational as the joint administrators explore future options. Possible outcomes range from closure to potential management by another company under the Russell & Bromley name if an agreement is reached with Next and store owners.
Will Wright, Interpath’s UK CEO, expressed satisfaction with finalizing the deal, emphasizing the brand’s history of contemporary style and commitment to quality craftsmanship. The intention is to sustain the remaining store portfolio while assessing available options.
Next emphasized that the acquisition safeguards the future of the beloved British footwear brand. The company aims to build on this legacy, providing operational stability and expertise to support Russell & Bromley’s continued success in designing premium footwear and accessories.
Additionally, the transaction does not encompass outlet stores, concessions, or stores in the Republic of Ireland.