Russel & Bromley has fallen into administration and 400 jobs are at risk as 33 stores will close.
The luxury shoe maker has been trading since 1879, it has now been acquired in a pre-pack insolvency arrangement and many stores fate remains uncertain.
Russell & Bromley is being bought for £2.5 million for its name and intellectual property, and an additional £1.3 million will buy the luxury shoe maker’s existing inventory.
Russell & Bromley will be allowed to continue to trade as part of the pre-pack administration until it is legally transferred over to the new owner.
Only three retail outlets will remain in operation, this being Bluewater Shopping Centre, Mayfair and Chelsea.
Next said of the deal. This acquisition secures the future of a much-loved British footwear brand.”
Andrew Bromley, the company’s chief executive said, “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.
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.
