UK fashion giant named ‘high street death of the week’ as it plunges into administration

A UK fashion giant has won the unwanted title of "high street death of the week" as its future remains uncertain. Russell & Bromley currently runs 36 stores and nine concessions across the UK and Ireland, employing around 440 people.

However, a downturn in the luxury shoe retailer’s fortunes has seen administrators brought in to explore options for the brand’s future. It is one of dozens of high street favourites to have announced that they are entering administration, liquidation or implementing a new strategy amid declining sales.

Speaking on the New Statesman podcast on Saturday, Business Editor Will Dunn chose the company as the "high street death of the week" citing the Britishness of stores known for quality leather products.

He said: “It is very sad, it is closing a lot of stores, it was founded in 1873 (sic) and I just feel like there is something quintessentially British about quality footwear.

“Russell and Bromley, Clarks, you know these are the sole of Britain.”

Referencing the shoe pun, host Anoosh Chakelian quipped that the company sounds like a Tory/Liberal Democrat swing seat.

Earlier this month, the brand announced that Next has bought the brand and certain other assets in a pre-pack insolvency deal.

However, the company said it will only retain three of its shops – in Chelsea, Mayfair and the Bluewater Shopping Centre – as part of the deal.

Administrators at Interpath have said they are still exploring options for the remaining stores and concessions, which are continuing to trade.

The footwear and handbags specialist was founded in 1879 in Sussex.

Next said it will pay £2.5 million for the brand and intellectual property, and £1.3 million for a portion of its current stock.

In a statement, 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.”

Will Wright, Interpath’s UK chief executive, said: “Across its 147-year history, Russell & Bromley has been at the forefront of contemporary style.

“We’re pleased therefore to have concluded this transaction, which will preserve the brand and the commitment to quality craftmanship that it has become so well known for.

“Our intention is to continue to trade the remaining portfolio of stores for as long as we can, while we explore the options available.”