Fashion chain closing another store as shoppers say 'we have nothing left'
The closure of another River Island store was revealed in a post on Facebook, which contained an image of a closing down sign
River Island is closing another of its shops for good later this month. The fashion retailer is shutting its branch in Banbury, Oxfordshire, on June 28.
The closure was revealed in a post on Facebook, which contained an image of a closing down sign. The poster reads: 'This store will be closing on Saturday 28th June.
'Please visit us 24/7 online at RiverIsland.com or at your nearest store: Rugby and Oxford. To all our valued customers we will see you soon!'
Disappointed River Island shoppers have been responding to the post, calling the closure 'a shame'. One person said: 'Online shopping is just destroying the high street. Very sad.' Another said: 'It's a joke we have nothing here.'
This isn't the only River Island that has shut in recent months. River Island stores in Willows Place, Corby, and in Vicar Lane Shopping Centre in Chesterfield both closed in April.
River Island has around 230 shops and employs 5,500 people. It comes after it was reported that the owners of River Island are plotting a major restructuring plan, which could put stores and jobs at risk.
Sky News reports that advisers from PricewaterhouseCoopers (PwC) have been called in to come up with a plan for the business, which could be finalised in a matter of weeks.
In January, Sky News reported that River Island had hired consulting firm AlixPartners to look at cost reductions and profit improvement. River Island is privately owned by the Lewis Family through the Lewis Trust Group.
It comes after the closing date for nine Hobbycraft stores was revealed. The arts and crafts retailer will close the following stores on June 21: Bristol, Borehamwood, Basildon, Bagshot, Canterbury, Cirencester, Dunstable, Epping Forest, Lakeside Shopping Centre.
Hobbycraft owner Modella Capital previously revealed the nine closures, which form part of a larger restructure of the business, would result in up to 126 job losses.
The retail chain said the restructuring will also result in redundancies across its Bournemouth head office and distribution centre in Burton-on-Trent.
It said the shake-up is needed to help secure the future of at least 99 stores and 1,800 jobs across the business. It comes after Modella Capital revealed it is on track to complete its purchase of the retail arm of WH Smith by the end of this month.
The deal, which was agreed in March and values the high street chain at £76million, will see the WH Smith name disappear from British high streets and its 480 stores replaced with the brand TGJones.
The deal does not include the remaining WH Smith travel division, which includes shops in airports, train stations and hospitals.
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