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A UK high street giant has slashed its prices in its remaining stores as part of a closing down sale after collapsing into administration. The company is offering a discount upto 50 percent across its stores in the UK.

Russell & Bromley has rolled out an "everything must go" clearance across its stores after entering administration in January. The company began the year with a modest 20% discount, but has since deepened its reductions as it works to sell through remaining stock. Founded by George Bromley and Elizabeth Russell in 1880, the company is a top choice for several popular people like the Princess of Wales, Katie Holmes, and Billie Piper. However, the company was badly hit by the poor demand and increasing cost since the pandemic.

Next completed a prepack acquisition of Russell & Bromley on January 21, taking over three of its stores. The rest of the portfolio-33 additional stores and nine concessions-was not included in the deal and continues to operate under the management of Interpath's administrators.

The administration process has already led to major staff cuts, with 34 headoffice positions eliminated. Another 40 employees were transferred to Next as part of the acquisition, but roughly 320 shop workers are still facing the possibility of redundancy as the situation continues to unfold.

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