Approximately 400 employees at the renowned shoe retailer Russell & Bromley are facing an uncertain future following its acquisition by fashion powerhouse Next.
Although Next has acquired the Russell & Bromley brand and certain assets, the transaction excludes 33 stores and nine concessions in the UK and Ireland, which will remain operational while administrators explore potential options.
Possible outcomes range from closure to a potential takeover by another company or a collaboration with Next and the store owners under the Russell & Bromley brand.
Established in Sussex in 1879, Russell & Bromley prides itself on its British heritage. However, the company has struggled in a competitive market, experiencing declining sales and increasing losses.
Andrew Bromley, the chief executive and a family member, explained that after a strategic review, the decision was made to sell the Russell & Bromley brand to secure its future. He expressed gratitude to staff, suppliers, partners, and customers for their longstanding support.
In other news, beauty brand Malin + Goetz has gone into administration, leading to the closure of its seven UK stores, impacting over 70 jobs. Online orders have been temporarily suspended, with customers advised to explore other retailers like Liberty, John Lewis, and Space NK for their purchases.
Meanwhile, Morrisons supermarket chain reported a £381 million loss last year due to fierce competition and substantial debts. Despite reducing its debt, the company still owes over £3.1 billion, resulting in significant interest payments.
Nationwide building society has announced an extension of eligibility for super-size mortgages, offering up to six times income to customers at up to 95% loan-to-value. The society aims to support both new and existing customers with varying income requirements.
To encourage savings, personal finance expert Rajan Lakhani recommends setting up an “autosave” rule on banking apps, potentially saving up to £1,164 annually. Several digital banks, such as Monzo and Starling, offer autosave features to help users accumulate savings.
Consumer advocate Martin Lewis advises mobile customers out of contract to seek better deals to avoid overpaying. He emphasizes the importance of switching providers to benefit from competitive pricing in the market.
Lastly, UK inflation rose to 3.4% in December, driven by increased tobacco and airfare prices. This upturn, the first in five months, was influenced by higher tobacco duty and seasonal airfare costs during the holiday period.