Next has bought the upmarket shoe and accessories brand Russell & Bromley out of administration in a £2.5 million deal, but the majority of the chain’s shops and hundreds of jobs remain at risk.
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.
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