Next buyout saves footwear brand Russell & Bromley but 400 jobs likely to be lost
Next has rescued the footwear retailer Russell & Bromley out of administration for £3.8m but about 400 jobs are likely to go at 33 shops not included in the deal.The British brand, founded in 1879 in Eastbourne, East Sussex, trades from 36 stores and nine concessions across the UK and Ireland.Next will take on only three stores – in Chelsea, Mayfair and the Bluewater shopping centre – and about 48 store staff, it is understood.The rescue deal, which includes Russell & Bromley’s brand and other assets including £1.
3m of stock, is the latest brand acquisition for Next.The British fashion and homeware retailer now controls a swathe of labels, ranging from FatFace, Joules and Made.com to the UK distribution of Gap and Victoria’s Secret.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.
”Andrew Bromley, the chief executive of Russell & Bromley, which until now has been a family-owned business, 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,”Will Wright, the UK chief executive of Interpath, which is acting as administrator to Russell & Bromley, said the 33 stores and nine concessions not included in the deal would remain open and continue to trade while the joint administrators continue to assess options for them,He 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,”The deal comes after a tough few years for clothing, footwear and homeware retailers as shoppers have reined in spending on non-essentials while they cope with a surge in the cost of energy bills, rent and groceries,The UK arm of accessories and ear-piercing chain Claire’s and The Original Factory Shop homeware chain are both on the brink of administration,On Wednesday, JD Sports, the clothing and trainers group which also owns outdoor wear retailers Black and Millets, said its sales were down 5,3% at established UK stores in the nine weeks to 3 January.
Underlying sales for the group, which also operates in the US, mainland Europe and Asia, fell 1.8% in what it called “a volatile consumer backdrop” in which demand had softened in the first half of December.The business, which is battling lower demand for sports footwear as its top-selling brand, Nike, struggles to produce new ideas, said it expected “a period of muted market growth” in the year ahead.
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