Next buys shoe brand Russell & Bromley but 400 jobs still at risk

High street fashion giant Next has bought shoe retailer Russell & Bromley which had collapsed in to administration.

Next paid £2.5m in a rescue deal for the up industryBritish footwear and accessories seller — but the future for most of the chain’s current staff and shops remains uncertain

Next will own the brand and three of Russell & Bromley’s 36 stores, as well as some existing stock for which it is paying an additional £1.3m.

Administrators Interpath statedit was considering the future of the remaining stores, which for the moment remain open, as well as nine concession stores which all employ around 400 people.

Russell & Bromley’s chief executive Andrew Bromley statedit was a “difficult decision” but the sale of the brand was the best way to secure its future.

The firmis around 150 years old but has become the latest to struggle in a tough retail environment.

It joins other brands in a familiar path to largely disappearing off the high street via a process of administration, which means companies are often broken up and the highest value assets sold off to the highest bidder.

The Original Factory Shop and accessories retailer Claire’s are both currently going through a process of administration, with site closures and jobs at risk. Around 1,000 people lost their jobs after Bodycare collapsed in September, while River Island will close some stores to avoid a total collapse. The woes all come after a tranche of high profile closures such as Debenhams and Wilko.

In a statement, Next statedit secured “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.”