A major retailer has returned to British high streets after being saved from administration.
Shoe brand, Russell & Bromley, was bought by Next for £2.5 million for the brand and intellectual property, with a further £1.3 million for the current stock.
Following the deal, the company closed down 33 stores across the UK, seeing only three saved, in Chelsea, Mayfair and Bluewater in Kent.
But now, Russell & Bromley has returned to the high street, according to Drapers.
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A post shared by Russell & Bromley (@russellandbromley)
Russell & Bromley returns to British high streets
The fashion retailer shares that the shoe brand has reopened in Richmond under new ownership.
Shoe brand Russell & Bromley was founded by George Bromley and Elizabeth Russell in 1879 and is now run by Andrew Bromley.
The brand fell into administration in January, with administrators appointed on January 21, while Next purchased the brand name, domain names, and intellectual property of the shoe retailer.
Following the deal, a statement from Next said, “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.”
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Andrew Bromley, chief executive of Russell & Bromley, shared at the time, “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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Will Wright, Interpath’s UK chief executive, 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.
“Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.”
Are you happy to see Russell & Bromley back on the high street? Let us know in the comments.
