India, April 23 -- In the UK, a luxury footwear retailer is shuttering 10 locations with more closures in the upcoming weeks as it enters a Company Voluntary Arrangement (CVA) to secure its future.

In what is being seen as a significant blow to the high street fashion, the popular brand Russell & Bromley has announced that its chain was acquired by Next in an administration deal, triggering the closure of ten of its stores. 

The move comes as the heritage retailer grapples to restructure its debt and pivot toward a more sustainable "fewer, better" store strategy.

What is the immediate impact of the shutdown on consumers?

The prompt closures affect approximately ten of the brand's 60 UK locations. According to the British outlets,...