Next Acquires Russell & Bromley Amid Planned Closure of 33 Stores
# Next Acquires Failing UK Brand, But 33 Stores Face Closure
Next has successfully acquired the struggling brand Russell & Bromley, which was on the verge of entering administration. The deal aims to preserve parts of the brand’s heritage while allowing Next to potentially benefit from its market presence.
Despite the acquisition, Russell & Bromley is set to close 33 of its stores across the country. This decision reflects ongoing challenges in the retail sector, exacerbated by changing consumer habits and economic pressures.
The acquisition came after weeks of speculation regarding the future of Russell & Bromley. Established as a luxury footwear and accessories retailer, the brand has faced declining sales, prompting the need for urgent action.
Next's intervention highlights its strategy to invest in established brands that are struggling. This move is part of a broader trend, as major retailers seek to consolidate market share and adapt to evolving shopping behaviours.
While some stores will remain operational, the closure of 33 locations raises concerns about job losses and the impact on local economies dependent on retail employment.