""Following a strategic review with external advisers, we have taken the difficult decision to sell the Russell & Bromley brand. This is the best route to secure the future for the brand, and we would like to thank our staff, suppliers, partners and customers for their support throughout our history.""
""Across its 147-year history, Russell & Bromley has been at the forefront of contemporary style. We're pleased therefore to have concluded this transaction, which will preserve the brand and the commitment to quality craftmanship that it has become so well known for. Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.""
""This acquisition secures the future of a much-loved British footwear brand.""
Russell & Bromley has entered pre-pack administration and been sold for £2.5 million for its name and intellectual property, with an additional £1.3 million for existing inventory. Thirty-three stores will close, leaving only three outlets at Bluewater Shopping Centre, Mayfair and Chelsea, and around 400 jobs are at risk. The business will continue to trade under the pre-pack arrangement until legal transfer to the new owner. The acquisition is intended to preserve the brand, its craftsmanship and the remaining portfolio of stores while options are explored.
Read at London Business News | Londonlovesbusiness.com
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