Next buys Russell & Bromley out of administration as 33 shops face uncertainty

"The high street fashion group has acquired the Russell & Bromley brand, three of its 36 standalone stores and a tranche of existing stock, for which it is paying a further £1.3 million. The remaining 33 stores, along with nine concession outlets employing around 400 people, are not included in the transaction and are now under review by administrators. Administrators Interpath said the non-acquired stores would continue trading for now while options are explored, including potential closures or further sales."

"Russell & Bromley's chief executive, Andrew Bromley, described the sale as a "difficult decision" but said it offered the best chance of preserving the brand's long-term future. Founded around 150 years ago, the business has struggled in recent years amid rising costs and weaker consumer spending. Next said the acquisition would secure "the future of a much-loved British footwear brand", adding that it planned to provide the operational stability and expertise needed to support Russell & Bromley's next chapter."

Next has bought the Russell & Bromley brand and three high-end standalone stores, paying £2.5 million plus a further £1.3 million for stock. Thirty-three standalone shops and nine concession outlets employing around 400 people were not included and remain under administrator review. Administrators Interpath said the non-acquired stores will continue trading while options, including closures or further sales, are explored. Russell & Bromley has struggled with rising costs and weaker consumer spending despite a 150-year history. Next plans to stabilise operations, focus the brand on premium footwear and accessories, and leverage its expertise to support the brand's future.

Read at Business Matters