Russell & Bromley has reopened a store in Richmond, South-west London, just weeks after closing 33 shops as part of a rescue deal with Next. The British footwear and handbag chain was acquired by the major retailer for £2.5 million in a pre-pack administration deal in January, which also included intellectual property rights and £1.3 million for current stock.
Under the deal, Next initially retained only three stores in Chelsea, Mayfair, and the Bluewater shopping centre, while permanently closing the other 33 shops and nine retail concessions. Approximately 320 employees lost their jobs, with redundancy claims being managed by Interpath, the global financial firm overseeing the remaining businesses.
The reopening in Richmond has been met with excitement from shoppers, who took to Facebook to share their enthusiasm. One user commented: “Excellent. Good news,” while another added: “Good news for Richmond.”
Founded in 1879 by George Bromley and Elizabeth Russell, the company is now run by Andrew Bromley, who said at the time of the sale: “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.”
Next has expressed its intention to provide operational stability and expertise to support the brand’s next chapter. The retailer stated: “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.”
Alongside Russell & Bromley, Next has also acquired other brands including Joules, Cath Kidston, and Seraphine.
