Major British shoe shop may lose 33 stores and 440 staff after Next buy out – full list | UK | News
Russell and Bromley could lose most of its stores after Next snapped up the iconic shoe chain in a rescue deal. Next announced it had paid £2.5 million to buy the chain through the insolvency process after it went into administration.
The retail giant said it would retain three stores in the south of England as part of the deal, leaving the future of its 33 Russell and Bromley stores and nine concessions uncertain. Approximately 440 employees could be at risk of losing their jobs as a result of the rescue deal. Executives at the 145-year-old shoe retailer said they were still exploring options for other sites that continue trading.
Next said in a statement: “This acquisition secures the future of a much-loved British footwear brand. Next aims to build on this legacy and provide the operational stability and expertise to support Russell & Bromley’s next chapter, allowing the company to return to its core mission: the design and curation of premium, premium footwear and accessories for many years to come.”
Next will be the Russell and Bromley locations in Chelsea, Mayfair in London and the Bluewater Shopping Center in Kent.
The retailer also confirmed it would pay £1.3 million for some of its shares in Russell and Bromley; This means customers can see the brand being sold in Next stores.
Andrew Bromley, CEO of Russell and Bromley and the fifth generation of his family to take charge of the company, said it was a “difficult decision”.
He said: “Following a strategic review with external consultants, we have taken the difficult decision to sell the Russell & Bromley brand.
“This is the best way to secure the future of the brand and we thank our staff, suppliers, partners and customers for their support throughout our history.”
The iconic British shoe store began trading in 1880, founded by married shoemaking heirs Elizabeth Russell and George Bromley.
The retailer last made a profit in 2019 and has been struggling with low demand and rising costs since the pandemic. In 2023, turnover fell by 7% to £62.9 million, while losses rose to £1.4 million.
