Russell & Bromley has closed 33 of its stores following the brand's collapse into administration. In its first wave of closures, the chain shut down 10 locations across the UK after being acquired by Next in a pre-pack administration deal in January.
Under the deal, Next, which has branches in Birmingham, acquired the Russell & Bromley brand, intellectual property, and three stores in Chelsea and Mayfair. The vast majority of staff have been made redundant.
Next's Statement on the Acquisition
In a statement, Next said: “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.”
CEO Comments
Andrew Bromley, chief executive of Russell & Bromley, 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 last store to close its doors shut down on April 23.
Administrator's Remarks
Will Wright, Interpath’s UK chief executive, said: “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 craftsmanship 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.”
