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Next buys shoe chain Russell & Bromley for £2.5m
(Sharecast News) - UK fashion retailer Next is buying struggling footwear chain Russell & Bromley in a £2.5m pre-packaged administration deal that is expected to lead to the closure of 33 shops with 440 jobs at risk. Next is buying the 150-year-old, family-run firm's brand and other intellectual property, as well as its stores in Chelsea, Mayfair and the Bluewater Shopping Centre.
It will spend an extra £1.3m for some of the retailer's shoes and accessories, but the remaining 33 shops and nine concessions will not be included as part of the sale. Retail Realisation, the clearance specialist, has been drafted in to offload the remaining stock.
These stores will remain open and continue to trade while the joint administrators continue to assess options for them.
"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," said Russell & Bromley chief executive Andrew Bromley.
Will Wright, Interpath's UK CEO, 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."
Interpath's appointment followed a sharp decline in sales at Russell & Bromley. Revenues fell to £63m in 2023 from £68m in 2022, the Times reported, citing the latest available company accounts.
Pre-tax losses widened to £7.9m from £4m over the same period, with the company citing "a challenging consumer environment in the UK". Its accounts for 2024 are currently overdue at Companies House.
Reporting by Frank Prenesti for Sharecast.com
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