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High street fashion giant Next has bought shoe retailer Russell & Bromley which had collapsed in to administration.<\/p>\n
Next paid \u00a32.5m in a rescue deal for the upmarket British footwear and accessories seller — but the future for most of the chain’s current staff and shops remains uncertain.<\/p>\n
Next will own the brand and three of Russell & Bromley’s 36 stores, as well as some existing stock for which it is paying an additional \u00a31.3m.<\/p>\n
Administrators Interpath said it was considering the future of the remaining stores, which for the moment remain open, as well as nine concession stores which all employ around 400 people.<\/p>\n<\/div>\n
Russell & Bromley’s chief executive Andrew Bromley said it was a “difficult decision” but the sale of the brand was the best way to secure its future.<\/p>\n
The company is around 150 years old but has become the latest to struggle in a tough retail environment. <\/p>\n
It joins other brands in a familiar path to largely disappearing off the high street via a process of administration, which means companies are often broken up and the highest value assets sold off to the highest bidder.<\/p>\n
The Original Factory Shop and accessories retailer Claire’s are both currently going through a process of administration<\/a>, with site closures and jobs at risk. Around 1,000 people lost their jobs after Bodycare collapsed in September,<\/a> while River Island will close some stores to avoid a total collapse. The woes all come after a tranche of high profile closures such as Debenhams and Wilko.<\/p>\n In a statement, Next said it secured “the future of a much loved British footwear brand.” <\/p>\n “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.”<\/p>\n The three stores Next will acquire are in high-end shopping destinations in or around London: Chelsea, Mayfair and Kent.<\/p>\n Next has seen relatively solid performance in the current turbulent retail landscape – unlike Russell & Bromley which has been loss-making in recent years.<\/p>\n Its saviour has experience in failing circumstances: last year, Next bought out of administration fashion maternity label Seraphine, and began rolling out its FatFace concessions a few years after snapping it up.<\/p>\n<\/div>\n