Summary
The fashion company Next has bought the shoe retailer Russell & Bromley for £2.5 million. This acquisition includes three stores and some stock, while the fate of the remaining stores and employees is uncertain. Russell & Bromley is struggling in a difficult retail market, joining other brands facing similar challenges.
Key Facts
- Next bought Russell & Bromley for £2.5 million.
- The deal includes three out of Russell & Bromley's 36 stores and some existing stock.
- Next paid an additional £1.3 million for the stock.
- The future of the remaining 33 stores and around 400 employees is uncertain.
- Russell & Bromley went into administration, a process where a company is helped to pay its debts.
- The brand is about 150 years old.
- Other retail brands like Claire’s and The Original Factory Shop are also facing administration.
- Next aims to provide stability and maintain the legacy of Russell & Bromley.
