Next said the deal is subject to court approval, which is expected later today (21 January).
As part of the deal Next will pay £1.3m for a portion of the current Russell & Bromley stock.
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Next plans to transfer Russell & Bromley’s Oxford Street and King’s Road, London stores and its Bluewater Shopping Centre, Kent store to a Next license.
This means 33 stores and all nine of Russell & Bromley’s concessions are not included as part of the transaction. These stores will remain open and continue to trade while the joint administrators continue to assess options for them. The administrator has appointed Retail Realisation to manage the sale of the remaining stock.
Next said in a statement that “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.”
Russell & Bromley CEO Andrew Bromley added: “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 throughout our history.”
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By GlobalDataThe transaction is being undertaken via a pre-pack insolvency process overseen by Will Wright and Chris Pole from Interpath.
Wright 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 craftmanship that it has become so well known for.
He added: “Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.”
Founded in 1879 in Sussex, UK, Russell & Bromley is a British brand that specialises in men’s and women’s footwear, as well as bags and accessories and employs around 440 people.
