The company posted a £9 million loss in 2024 and announced a five-year turnaround plan last year.
The brand is on the verge of collapse with over 450 jobs at risk (Image: Getty)
An iconic UK shoe shop is on the verge of collapse in yet another blow to the nation’s high street. Around 450 jobs are at risk as the firm is set to be taken over by a liquidation specialist.
Russell and Bromley, which has been serving people for around 150 years, is currently run by fifth-generation family member Andrew Bromley. However, it has now being taken over by Next and Retail Realisation, a liquidation specialist linked to Modella Capital, which is the owner of the former WH Smith high street chain.
As reported by The Telegraph, the Russell and Bromley brand is expected to be acquired by Next. The chain has 37 stores remaining in the UK, with Retail Realisation on standby to handle a fire sale of stock.
It will be complex for the shoe store to continue trading as it will no longer be able to carry the Russell and Bromley name. It comes after the company posted a £9million loss in 2024.
Russell and Bromley announced a five-year turnaround plan last year. It includes plans for international expansion, starting with the Middle East.
In a statement in October, Mr Bromley said: “We are currently exploring opportunities to help take Russell & Bromley into the next phase of our ‘Re Boot’ vision.”
“Since the announcement earlier this year, we have made significant progress, positioning us well to build on our momentum and continue along our journey.
Russell and Bromley began as a single store around 150 years ago (Image: Getty)
“We are looking forward to working with our advisory team to secure the necessary investment to accelerate our expansion plans.”
Modella Capital has become a major player in high street store closures over recent times. It acquired WH Smith stores, The Original Factory Shop (TOFS) and Claire’s Accessories last year.
It is still operating WH Smith stores and also owns arts-and-craft chain Hobbycraft. The consultancy firm is now overseeing attempts to find a buyer for Russell and Bromley.
