Russell & Bromley has made a surprising return to the high street just weeks after widespread store closures. The iconic British footwear brand reopened its Richmond branch despite having shut its doors only two months ago.
Acquisition by Next
The shoe chain was acquired by Next earlier this year in a £2.5 million administration deal. Under the agreement, Next took ownership of the Russell & Bromley brand, its intellectual property, and three stores located in Richmond, Chelsea, Mayfair, and Kent. The deal also included a further £1.3 million payment for the company's remaining stock.
Next, which operates stores in Birmingham, stated that the acquisition was intended to safeguard parts of the business. However, the future remains uncertain for the majority of Russell & Bromley's 36 stores and approximately 400 employees across its retail and concession estate.
Impact on Customers
A notice displayed in the Richmond branch earlier this year, alongside clearance signage, confirmed that refunds and exchanges are now heavily restricted. Customers were informed that items purchased in-store before administrators were appointed cannot be refunded or exchanged, and online returns can no longer be processed.
Statements from Next and Russell & Bromley
In a statement, Next said it secured "the future of a much loved British footwear brand." The company added: "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."
Andrew Bromley, the chief executive of Russell & Bromley, which until now had been a family-owned business, commented: "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."
