Next has entered the footwear market by acquiring shoe retailer Russell & Bromley through a pre-pack administration deal. This move is expected to lead to the closure of 33 stores and nine concessions, marking a significant shift in the retail landscape.
Under this acquisition, pending court approval later today (21 January), Next will gain the brand and intellectual property of Russell & Bromley for £2.5 million in cash. This investment underscores Next’s confidence in revitalizing a storied brand.
An additional £1.3 million is allocated for a portion of the existing Russell & Bromley stock, further emphasizing the strategic nuances of this deal.
Asset transfers include Russell and Bromley’s notable locations on Oxford Street, King’s Road, and their Bluewater Shopping Centre site, which will now operate under license with Next.
Next claims this acquisition “secures the future of an iconic British footwear brand.” The retailer aims to enhance this legacy while providing stability and operational expertise for Russell & Bromley’s evolving story.
For the 33 Russell & Bromley locations not part of this deal, the administration has enlisted the services of Retail Realisation to oversee the sale of remaining inventory, ensuring continued service for loyal customers.
