Fashion retailer Next said on Wednesday it has purchased British footwear brand Russell & Bromley through an insolvency process, paying 2.5 million pounds ($3.4 million).
Next said it was also paying 1.3 million pounds for some of Russell & Bromley’s stock.
The 147-year old firm sells men’s and women’s footwear, as well as bags and accessories. It trades from 36 stores and nine concessions across the UK and Ireland, employing about 440 people.
Next said it purchased the brand, intellectual property and three Russell & Bromley stores – on Oxford Street and King’s Road in London and at the Bluewater Shopping Centre.
The other 33 stores and nine concessions are not included as part of the transaction.
Administrator Interpath said these stores would remain open and continue to trade while the administrators continue to assess options for them.
Source: Reuters.com