Russell & Bromley Closes 33 Stores After Collapse

The premium footwear and handbag retailer Russell & Bromley has completed a phased closure of 33 stores following its collapse into administration. The company entered the process in January owing approximately £59.3 million, after reporting losses of £20 million over two years driven by high inflation, falling sales, and rising operational costs.

As part of a pre-pack deal, Next plc acquired the Russell & Bromley brand name and three stores located in London and Kent. All other locations were shut down, resulting in the redundancy of 400 employees. Joint administrators from Interpath Advisory confirmed that all stores not transferred to Next have now closed.

The administration process revealed significant debts, including £3.2 million owed to His Majesty’s Revenue and Customs. Additionally, NatWest exercised set-off rights to use the company's available bank cash to clear its own indebtedness immediately after the administrators were appointed. Unsecured creditors may receive a dividend once the realization of assets is complete.