Full list of 33 River Island shops set to SHUT as chain at risk of collapsing within just weeks
SHOPPING MAUL Full list of 33 River Island shops set to SHUT as chain at risk of collapsing within just weeks
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THE full list of River Island stores at risk of closure has been revealed – and it includes sites in major cities.
Shops in Oxford, Edinburgh, Brighton and Leeds are facing the axe to prevent the iconic brand from collapsing.
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River Island is fighting a battle for survival as customers move online to shop
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The iconic fashion chain could reportedly run out of money in August if plans to shut the 33 stores and cut rents on a further 71 are not given the green light.
The retailer has already revealed which 33 branches will shutter and has confirmed they will close in January.
This does note affect riverisland.com which is continuing to trade.
River Island is also looking to write off a series of debts, including those to landlords, to help keep the brand afloat.
A formal restructuring plan written up by the chain's advisers, PwC, states that the chain will not be able to "continue trading" and would be "subject to administration or other insolvency proceedings" if plans are not approved.
A spokesperson said: "River Island circulated its proposals for a Restructuring Plan to creditors on June 20th.
"In combination with the company's ongoing Transformation Strategy, the Plan is a proactive measure to place the company on a firm footing.
"We have been having positive conversations with key stakeholders and are confident that we will achieve approval of the Plan in the next few weeks."
Major card chain with 163 shops launches closing down sales ahead of shutting its doors for good
It comes amid a challenging time for the brand, as a rise in ultra-cheap fast fashion and low consumer spending has hit retail businesses hard.
In a statement, issued last month, Ben Lewis, chief executive officer, 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."
Worsening financial position
Accounts for River Island Clothing Co for the year ending December 30, 2023, showed the firm made a £33.2 million pre-tax loss.
Then the turnover during the following 12 months fell by more than 19% to £578.1 million.
The retailer's most recent accounts on Companies House also warned of worsening financial and operational risks.
They said: "The key business risks for the group are the pressures of a highly competitive and changing retail environment combined with increased economic uncertainty.
"A number of geopolitical events have resulted in continuing supply chain disruption as well as energy, labour and food price increases, driving inflation and interest rates higher and resulting in weaker disposable income and lower consumer confidence."
In recent months, a number of stores have closed including in Corby, Banbury and Chesterfield.
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