River island to close 33 stores in battle for survival
River Island is axing hundreds of jobs as it closes shops in a battle for survival.
The fashion firm plans to shut 33 stores as shoppers abandon the High Street and head online.
The announcement came as official figures showed retail sales fell 2.7 per cent in May – the biggest slump since 2023.
Chief executive Ben Lewis also cited the increasing cost of doing business after Labour piled billions of pounds of extra taxes on retailers.
The firm is asking landlords for rent reductions on a further 71 shops in order to make it worth keeping them open.
The retailer trades from about 230 stores and employs 5,500 staff.
Lewis said: 'River Island is a much-loved retailer, with a decades-long history on the 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.'
The company made a £33.2m loss for the year to December 30 2023, the latest year it has published accounts for.
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