Around 400 employees at the renowned shoe retail chain Russell & Bromley are facing an uncertain future following its acquisition by fashion powerhouse Next.

While Next has acquired the Russell & Bromley brand and certain assets, the deal excludes 33 stores and nine concessions in the UK and Ireland, which will continue operating as the joint administrators explore potential options for them.

The potential outcomes range from closure to a new company taking over the operations under the Russell & Bromley brand in collaboration with Next and the store owners.

Established in 1879 in Sussex, the family-owned Russell & Bromley has a strong British heritage but has been struggling in a fiercely competitive market, experiencing declining sales and widening losses.

Andrew Bromley, the chain’s chief executive and a family member, explained the decision to sell the brand after a strategic review with external advisors, emphasizing that it is the best path to secure the brand’s future. He expressed gratitude to the staff, suppliers, partners, and customers for their support over the years.

In other news, beauty brand Malin + Goetz has gone into administration, leading to the closure of its seven stores in the UK. Online orders have been temporarily halted, but customers can still purchase products through third-party retailers like Liberty, John Lewis, and Space NK.

Meanwhile, Morrisons supermarket chain reported a £381 million loss last year due to intense competition and significant debts. Despite a reduction in borrowings, the company still owes over £3.1 billion, with substantial interest payments draining its finances.

Nationwide building society has announced an extension of its eligibility criteria for super-size mortgages, allowing borrowers to access up to six times their income at up to 95% loan-to-value. The society has adjusted the minimum income requirements for new and existing customers, aiming to provide more flexibility in borrowing.

Personal finance expert Rajan Lakhani advised Britons to set up an “autosave” rule on their banking apps to maximize potential savings. According to Plum’s analysis, utilizing auto-saving tools could result in savings of £1,164 annually, with popular digital banks like Monzo, Starling, Revolut, and Chase offering such features.

Lastly, UK inflation rose to 3.4% in December, primarily driven by higher tobacco and airfare prices, marking the first increase in five months. The Office for National Statistics highlighted the impact of increased tobacco duty and seasonal airfare costs during the holiday period on the inflation rate.