Russell and Bromley could lose the majority of its shops after Next snapped up the iconic shoe chain in a rescue deal. Next announced it paid £2.5million to acquire the chain through an insolvency process after it fell into administration.
The retail giant said it will retain three shops in the south of England as part of the deal, leaving the future of 33 Russell and Bromley stores and nine concessions uncertain. Approximately 440 employees could be at risk of losing their jobs as a result of the rescue deal. Administrators for the 145-year-old shoe retailer said they are still exploring options for the other sites, which continue trading.
Next said in a statement: “This acquisition secures the future of a much-loved British footwear brand. Next intends to build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter, allowing it to return to its core mission: the design and curation of world-class, premium footwear and accessories for many years to come.”
Next will take on the Russell and Bromley locations in Chelsea and Mayfair in London, and the Bluewater Shopping Centre in Kent.
The retailer also confirmed it would pay £1.3million for some Russell and Bromley stock, meaning customers could see the brand sold in Next stores.
Andrew Bromley, chief executive of Russell and Bromley and the fifth generation of his family to take charge of the company, said it had been a “difficult decision”.
He said: “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.”
The iconic British shoe shop began trading in 1880, founded by the married shoemaking heirs, Elizabeth Russell and George Bromley.
The retailer was last profitable in 2019 and has struggled with lower demand and rising costs since the pandemic. Its turnover fell 7% to £62.9million in 2023, when losses increased to £1.4 million.
