The future of numerous Russell & Bromley shoe stores is uncertain following the brand’s recent sale. Next, a renowned fashion retailer, has acquired the brand name and certain assets, excluding its 33 stores and nine concessions in the UK and Ireland. Russell & Bromley, a family-owned British brand established in 1879 in Eastbourne, has faced challenges in a competitive market, experiencing declining sales and widening losses.
The sale to Next was conducted through a pre-pack insolvency process overseen by Interpath, an advisory firm appointed to explore options and support a five-year turnaround plan led by CEO Andrew Bromley. Next will take over the Russell & Bromley brand, intellectual property, and three stores in Chelsea, Mayfair, and the Bluewater Shopping Centre under license. The sale price for the brand and IP is £2.5 million, with Next paying £1.3 million for existing stock. Approximately 40 employees will transition to Next as part of the deal.
Andrew Bromley commented, “After a strategic review with external advisors, we have made the tough decision to sell the Russell & Bromley brand to secure its future. We are grateful to our staff, suppliers, partners, and customers for their longstanding support.”
The remaining 33 stores and concessions not included in the transaction will continue operating while joint administrators explore future options, which could range from closure to potential acquisition by another company. Interpath’s UK chief executive, Will Wright, emphasized the brand’s legacy of contemporary style and commitment to quality craftsmanship, stating that they intend to maintain operations for as long as possible while considering available alternatives.
Next expressed its commitment to preserving the heritage of the beloved British footwear brand, aiming to uphold its reputation for premium footwear and accessories. The acquisition signifies Next’s dedication to supporting Russell & Bromley’s future growth and returning it to its core mission of delivering exceptional products for years to come.