High street fashion chain LK Bennett has confirmed its remaining stores are set to close imminently after it collapsed into administration. The retailer, famously loved by Kate Middleton, was bought by investment firm Gordon Brothers in January this year, but the deal did not include its physical stores.
LK Bennett had nine standalone shops and 13 concessions at the time of its acquisition by Gordon Brothers. Its website is no longer taking orders. In an Instagram post today, the retailer said: "Only 4 days to go until we close our doors. It's your final weekend to shop 90% off all shoes and boots, with at least 80% off everything else. But hurry, when it's gone, it's gone, head in-store to shop while stock lasts."
History of LK Bennett
LK Bennett was founded in 1990 by Linda Bennett, dubbed the "Queen of the Kitten Heel", and once had 200 outlets across the UK. Ms Bennett sold the business for an estimated £100 million in 2008 to a consortium led by private equity firm Phoenix Equity Partners. The company first collapsed into administration in 2019 but was rescued by Chinese franchise partner Byland UK.
Russell & Bromley Store Closures
In more retail news, it was this week revealed that Russell & Bromley has closed ten stores since collapsing into administration earlier this year. The luxury shoe chain was bought out of administration by Next, who agreed to pay £2.5 million for its brand and intellectual property, and £1.3 million for a portion of its current stock. However, the deal only included three out of 36 Russell & Bromley stores: its Bluewater, Chelsea, and Mayfair sites. Drapers reports that the first 10 stores have now closed, with more sites set to pull down the shutters imminently.
Russell & Bromley in Covent Garden shut this week, while its Bath and Harrogate stores will shutter today. Russell & Bromley was founded in 1880 by George Bromley and Elizabeth Russell in Eastbourne. It currently employs more than 450 people and is now run by Andrew Bromley.
In a statement after announcing the deal, Next said: "This acquisition secures the future of a much-loved British footwear brand. 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."
Andrew Bromley, chief executive of Russell & Bromley, 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."
