Massive high street fashion chain reveals list of 33 stores it is closing with 71 more at risk – and thousands of jobs on the line
River Island announced the full list of 33 stores to be undermined under the plans of sweeping thousands of jobs.
EMBATTED Retailer announced a radical restructuring plan to reversed the last losses due to a decrease in trade.
The bosses accused the ‘migration of shoppers online from the high street’ and the closing of higher costs to run stores.
Family retailer, as a result, confirmed that it proposes to close 33 of 230 stores until January next year.
Branches throughout England, including Derby, Doncaster and Fareham, Retail Site, will be undermined DRAPERS reported.
Other other branches to be suppressed include Basildon, Edinburgh and Middlesbrough.
71 stores are at risk depending on negotiations with the landlords to provide improved rental agreements.
This is the full list of 33 stores to be closed as follows:
River Island plans to close 33 stores, 71 at risk and put thousands of jobs in line. Picture: Stock Image
According to reports, hundreds of jobs are at risk as part of a major restructuring plan. Picture: Stock Image
- Aberdeen Union Square
- Basildon
- Bedford
- Beverley
- Birmingham Castle
- Blackburn
- Bolton Broughton Park
- Monster
- Castleford
- Chesterfield
- Crew
- Derby
- Doncaster
- Edinburgh Princes Street
- Fareham
- Lid
- Metrcentre
- Glasgow Argyle Street
- Glasgow Silverburn
- GRIMSBY
- Califax
- Harrow
- Huddersfield
- IPSWich
- Kidderminster
- Kilmarnock
- Leamington Spa
- Loughborough
- Luton Middlesbrough
- Peterborough
- Southport
- Walsall
The 33 River Island store allocated for the closing will continue to operate until January 2026.
The news comes after retailEr General Manager announced the British High Street Power House’s great restructuring plan.
EMBATTED retailer announced its radical restructuring plan to reversed the latest losses
Ben Lewis said: ‘River Island is a very popular retailer with a history of decades in the British High Street.
However, the well -documented migration of shoppers from the high street online left the job with a large store portfolio that no longer meet the needs of our customers.
“ In the last few years, the sharp increase in the cost of doing business contributed only to the financial burden.
‘We have a clear strategy to transform the job to ensure long -term applicability.
‘The latest developments in our fashion proposal and in -store shopping experience already show very positive results, but we will see and secure this strategy as a profitable retail business, along with a plan of restructuring.
‘As a result of the closing of the store, we will cook from any work loss and try to keep them at a minimum.’
To manage the return, the retailer brought consultants from PWC to control the restructuring process.
River Island’s General Manager Ben Lewis said, ‘The sharp increase in the cost of doing business for the last few years has only contributed to the financial burden’.
Under the plans, the future of 70 stores stands in balance and depends on an agreement with landlords to cut rent payments.
The fashion giant will devote its store property to seven closing categories and rent reductions.
Nine sales points were planned to continue to pay full rent, while 38 could see lease reductions of up to 75 percent for three years.
Meanwhile, 24 stores can switch to a cruel model.
The proposals will vote by River Island in August by the creditors who owe them and are expected to support the improvement of the business if new funds are approved.
Among the weaker consumer expenditures than cheaper online competitors, such as High Street giant, Shein, and a few fashion chains in which violent competition has hardly hit.
In his latest accounts, River Island reported £ 33.2 million for 2023, and sales fell by 19 percent and emphasized the challenging trade environment.
In January, the company launched a surplus program in the London head office to save money in the context of financing.
The company is currently working around 5,500 personnel throughout the country.
Business cuts affected a series of employees in purchasing, merchandising and HR, but the total number of losses was not confirmed by the retailer.
Company accounts showed that the company was 33.2 million for 12 months by 30 December 2023.
In addition, sales decreased by 15 percent and a 19 percent decrease in turnover.
A year ago, River Island’s total profit is £ 7.5 million.
