Next acquired shoe retailer Russell & Bromley in a rescue deal after the company entered administration. The high street fashion giant paid £2.5 million for the upmarket British footwear and accessories seller, securing ownership of the brand and three of Russell & Bromley's 36 stores. Next also paid an additional £1.3 million for some of the existing stock.

The acquisition leaves the future uncertain for the majority of Russell & Bromley's staff and shops. Administrators Interpath are currently evaluating the future of the remaining stores, which currently remain open, as well as nine concession stores. These operations collectively employ approximately 400 people, whose jobs are now at risk.

Russell & Bromley's collapse highlights the ongoing challenges faced by retailers in a tough market environment. The company, like many others, struggled to adapt to changing consumer habits and increased competition, ultimately leading to its financial distress. The acquisition by Next follows a familiar pattern of distressed retail assets being broken up and sold off through administration.

Russell & Bromley, a company with a history spanning around 150 years, became the latest casualty in a retail sector grappling with evolving consumer preferences and economic headwinds. The brand's struggles reflect broader pressures on traditional brick-and-mortar retailers, who face competition from online platforms and shifting consumer spending patterns.

While the acquisition by Next secures the Russell & Bromley brand, the future of its physical store presence and workforce remains unclear. The administrators' ongoing evaluation will determine the extent to which the remaining stores can be salvaged, and the ultimate impact on the 400 employees whose jobs are at risk. The deal underscores the need for retailers to adapt and innovate in order to survive in an increasingly competitive market.