Huge retailer River Island plans to shut 33 shops
The retailer has unveiled a radical restructuring plan in a bid to reverse recent heavy losses due to a slump in trading. It has reportedly hired advisers from PwC in order to oversee the restructuring process.
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Bosses blamed the closures on the 'migration of shoppers from the high street to online' and higher costs to run stores.
River Island fell to a £33.2 million loss in 2023 after sales slid by 19%, according to its most recent set of accounts.
(Image: Image: Newsquest) It is currently unknown if any Scotland stores are closing, however, Glasgow has five River Island shops on Argyle Street, Glasgow Fort, The Forge Shopping Centre, Silverburn Shopping Centre and Buchanan Galleries.
River Island also has stores in the likes of East Kilbride Shopping Centre and Braehead Shopping Centre.
The family-owned retailer confirmed it is proposing to close the stores by January next year as a result.
A further 71 stores are also at risk depending on talks with landlords in order to secure improved rental deals.
The proposals are set to go to a vote by the firm's creditors – companies or individuals owed money by the retailer – in August.
The deal will result in fresh funding being invested into the business in order to help fuel its turnaround.
The retailer, which employs around 5,500 people, was founded in 1948 under the Lewis and Chelsea Girl brand before being renamed in the 1980s.
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Ben Lewis, chief executive of River Island, said: 'River Island is a much-loved retailer, with a decades-long history on the British high street.
'However, the well-documented migration of shoppers from the high street to online has left the business with a large portfolio of stores that is no longer aligned to our customers' needs.
'The sharp rise in the cost of doing business over the last few years has only added to the financial burden.
'We have a clear strategy to transform the business to ensure its long-term viability.
'Recent improvements in our fashion offer and in-store shopping experience are already showing very positive results, but it is only with a restructuring plan that we will be able to see this strategy through and secure River Island's future as a profitable retail business.
'We regret any job losses as a result of store closures, and we will try to keep these to a minimum.'
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