33 UK High Street Giant Stores Facing Closure After Administration
Russell & Bromley, the renowned UK footwear and handbag retailer, has entered administration, endangering hundreds of jobs. The administration comes after fashion retailer Next acquired a small section of the business, leaving the fate of numerous stores uncertain.
Impact of Administration on Russell & Bromley
The company operates 36 stores and nine concessions across the UK and Ireland, employing approximately 440 staff members. However, after the acquisition, only three store locations will remain operational: Chelsea, Mayfair, and Bluewater Shopping Centre in Kent.
Next’s Acquisition Details
- Next has purchased the Russell & Bromley brand and its intellectual property for £2.5 million.
- Additionally, it allocated £1.3 million for a portion of Russell & Bromley’s existing stock.
Despite the acquisition, Next has decided not to take over the remaining 33 stores and nine concessions, casting doubt on their future. The administration process is being overseen by Interpath, which is exploring various options for these locations, allowing them to continue trading temporarily.
Statement from Key Figures
In a statement regarding the acquisition, Next emphasized the importance of preserving a beloved British footwear brand. They aim to provide operational stability and expertise, ensuring Russell & Bromley can focus on its core mission of crafting premium footwear and accessories.
Andrew Bromley, the CEO of Russell & Bromley, remarked on the decision to sell the brand, stating that this strategic move is essential for securing its future. He expressed gratitude towards the staff, suppliers, partners, and customers for their ongoing support.
The Future of UK High Street Stores
The closure of Russell & Bromley’s additional stores is part of a broader trend affecting the UK retail landscape. With 33 high street locations losing their operational mandate, the future holds challenges for many retail workers and their communities.
As developments unfold, the priority will remain on fostering the legacy of Russell & Bromley while navigating the complexities of the retail market.
