Around 400 employees at the well-known 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, which will remain operational as administrators evaluate potential options.
Various outcomes are being considered, including closure or the possibility of another company taking over the stores under the Russell & Bromley brand in cooperation with Next and the store owners. Established in Sussex in 1879, the family-owned Russell & Bromley emphasizes its British heritage, but the company has encountered challenges in a competitive market, experiencing declining sales and increasing losses.
Chief Executive Andrew Bromley, a family member, explained that after a strategic review with external advisors, the decision was made to sell the Russell & Bromley brand to secure its future. He expressed gratitude to staff, suppliers, partners, and customers for their longstanding support.
In other news, beauty brand Malin + Goetz has entered administration, resulting in the closure of its seven UK stores, impacting over 70 jobs. Although online orders are temporarily suspended, customers can still purchase products through third-party retailers like Liberty, John Lewis, and Space NK.
Furthermore, Morrisons, the supermarket chain, reported a loss of £381 million last year due to intense competition and significant debts. Despite reducing its debt burden, the company still owes over £3.1 billion, leading to substantial interest payments. Morrisons is striving to maintain market share amidst challenges, aiming to offer value and lower prices for customers.
On the housing front, Nationwide building society has expanded eligibility for larger mortgages, allowing up to six times income for customers moving home or remortgaging at up to 95% loan-to-value. The society has adjusted income requirements for new and existing customers, providing flexibility for borrowers.
Lastly, personal finance expert Rajan Lakhani recommends setting up an “autosave” feature on banking apps to boost savings potential. By utilizing auto-saving tools, individuals can accumulate significant savings over time, with average monthly savings reaching £97 in 2025. This proactive approach can lead to substantial savings by year-end, especially when coupled with high-interest savings accounts.