Russell & Bromley to return to UK high streets just months after collapse
Russell & Bromley is set to make its return to UK high streets just months after its collapse into administration.
Under its new owner Next, the 147-year-old footwear retailer will open a store at Westgate Oxford in September.
Next acquired Russell & Bromley’s intellectual property and stock through an insolvency process in January for a total of £3.8m. At the time of the acquisition, the retailer operated 36 stores across the country.
Initially, Next snapped up three stores, located on London’s Oxford Street and King’s Road, as well as its store at Bluewater in Kent. The remaining 33 stores, alongside nine concessions, were left with advisers Interpath. They were subsequently closed.
Russell & Bromley had been struggling with lower footfall, increasing operating costs, and difficult trading conditions. When administrators were appointed, the business owed around £59.3m had recorded losses of £20m over the previous two years.