'Everything must go' at Russell & Bromley in Gunwharf Quays after brand sold to Next in multi-million pound deal
Gunwharf Quays is bidding farewell to a footwear brand after it was acquired by a retail giant
The shoe shop, which sits between Puma and Reiss at the outlet, was previously confirmed as one of the 33 stores at risk following the acquisition - but “closing down” posters have confirmed the Portsmouth store will cease to exist.
In a previous statement, a spokesperson for Next said: "This acquisition secures the future of a much-loved British footwear brand.
"Next intends to build on this legacy and provide the operational stability and expertise to support Russell & Bromley's next chapter, allowing it to return to its core mission: the design and curation of world-class, premium footwear and accessories for many years to come."
CEO of Russell & Bromley, Andrew Bromley, said the sale was the best strategic move to secure the brand’s future, with Next paying an additional £1.3m to retain existing stock.
The acquisition is part of a major programme of expansion, with the retail giant growing its UK footprint through extensive online offerings and new store openings. Most recently, it was confirmed a new Next site would open in Chichester’s Portfield Retail Park this summer, featuring an in-store Costa Coffee cafe.
Gunwharf has been contacted for more information - Updates to follow.