An iconic British shoe shop which has been on the high street for around 150 years is at risk of losing dozens of stores this year. Russell & Bromley, which currently has 36 stores and nine concessions across the UK and Ireland, fell into administration in January but was bought by Next this week in a £2.5million deal.
However, only three shops were retained under the deal – Chelsea, Mayfair and Bluewater. The move means keys stores in locations such as Manchester, Birmingham, Glasgow, Newcastle and Bath are now facing an uncertain future as administrators continue to “explore options” for the remaining shops, which are still trading for now.
As a result, the remaining 33 stores and nine concessions are at risk of closure. Russell & Bromley employs around 440 people.
According to Devon Live, « everything must go » and « store closing down » signs have been spotted in the window of the Russell & Bromley shop on Exeter High Street with 20% off items in the sale.
Shoppers on Reddit have also reported a closing down sale in the Russell & Bromley store in Edinburgh’s St James Quarter.
It is not yet clear when other stores across the UK will close.
The closures may mean that the label will move within Next stores and online rather than in high street stores. Next has paid £1.3million for Russell & Bromley stock that is expected to be sold through its own channels.
In a statement, Next said: “This acquisition secures the future of a much-loved British footwear brand,” adding that it 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, chief executive of Russell & Bromley, said the sale followed a “strategic review with external advisers” and described it as a painful but necessary step.
“We have taken the difficult decision to sell the Russell & Bromley brand,” he said. “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 throughout our history.”
The Express has contacted Russell & Bromley for comment.
