Next acquired the shoe retailer Russell & Bromley in a rescue deal valued at £2.5 million, securing the brand and three of its 36 stores. The deal also included some of Russell & Bromley's existing stock, for which Next paid an additional £1.3 million.

The acquisition follows Russell & Bromley's collapse into administration, a process overseen by administrators Interpath. While the brand has been saved, the future remains uncertain for the remaining stores and nine concession stores, which collectively employ approximately 400 people. Interpath is currently evaluating options for these locations.

Russell & Bromley's struggles reflect the broader challenges facing retailers in a competitive market. The company, which has been in operation for around 150 years, joins a growing list of brands that have faced financial difficulties and been forced to restructure through administration. This often leads to the break-up of companies and the sale of their most valuable assets.

Andrew Bromley, Russell & Bromley's chief executive, described the sale as a "difficult decision" but maintained that it was the best course of action to ensure the brand's survival. The acquisition by Next provides Russell & Bromley with a new owner with the resources and infrastructure to potentially revitalize the brand. However, the potential loss of 400 jobs highlights the ongoing challenges in the retail sector. The long-term impact of the acquisition on the wider footwear market remains to be seen.