The 150-year-old shoe retailer Russell & Bromley may lose its store estate as part of a breakup deal.
Around 450 jobs are at risk in a joint takeover by Next and Retail Realisation, a liquidation firm linked to Modella Capital, which owns TGJones, the former high street arm of WHSmith.
The two companies plan to split Russell & Bromley, with Next expected to buy only the brand name and intellectual property, according to The Telegraph.
Last week, Retail Realisation was appointed to close the chain’s 37 remaining stores and sell off stock, as reported by Sky News.
The chain is run by fifth-generation family member Andrew Bromley, who last year launched a five-year turnaround plan called “Re Boot” after reporting a £9m operating loss.
In a statement in October, he 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.
“We are looking forward to working with our advisory team to secure the necessary investment to accelerate our expansion plans.”
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