Next rescues British footwear brand Russell & Bromley
Next has announced that it has acquired assets, the name and intellectual property of Russell & Bromley from the administration for 2.5 million British pounds in cash (2.9 million euros). It is also paying an additional 1.3 million British pounds (1.5 million euros) for a portion of the current Russell & Bromley stock.
Only three stores will be retained under the terms of the deal: Chelsea, Mayfair and the Bluewater shopping centre. This means that the remaining 33 stores and around 440 jobs could be at risk. Founded in 1879, Russel & Bromley trades from 36 stores and nine concessions across the UK and Ireland.
Will Wright, UK chief executive of Interpath, which is acting as administrator to Russell & Bromley, said that the stores would remain open for the time being while the joint administrators assessed their options.
“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 said in a statement.
Andrew Bromley, the Chief Executive of Russell & Bromley, which until now has 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”.
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Image Credits: bbc.com