Latest news with #BernardLewis
Daily Mirror
3 days ago
- Business
- Daily Mirror
River Island at risk of collapse as high street favourite takes drastic action
The company employs 5,500 people and has already started making redundancies River Island has appointed advisers from PricewaterhouseCoopers (PwC) to draw up a plan in a bid to save the company's 230 High Street branches. The clothing retailer, which employs 5,500 people, is taking action after reporting £32.2 million losses for 2023. PwC will draw up a formal restructuring plan in a bid to prevent the chain closing down, reports Sky. River Island has been part of the UK landscape since 1948. It was founded by Bernard Lewis and was originally called Lewis and Chelsea Girl. It is now run by CEO Ben Lewis, nephew of Bernard Lewis, who took over in February having previously held the post for 10 years before stepping down in 2019. The company has already made redundancies at its head office in London in departments including buying, merchandising and HR. In 2023, the company saw a 15 per cent drop in sales and a 19 per cent fall in turnover after making £7.5million profit in 2022. In its latest accounts, River Island Holdings Limited said: "The market for retailing of fashion clothing is fast changing with customer preferences for more diverse, convenient and speedier shopping journeys and with increasing competition especially in the digital space. "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." Bernard Leiws originally started his business as a fruit and veg stall in Notting Hill, using a site bombed during World War Two. It quickly became The Wool Shop then a chain of nine stores called Lewis Seperates with its first in-house designed clothes on sale from 1950. The chain rebranded as Chelsea Girl in 1970 and became River Island in 1988. It opened its first overseas branches in 1993 and was one of the first brands to start selling online.
Wales Online
3 days ago
- Business
- Wales Online
Huge fashion chain with 230 stores River Island at risk as it calls in help
Huge fashion chain with 230 stores River Island at risk as it calls in help The company has called in advisers to draw up a plan to save the business River Island clothing store shop River Island has appointed advisers from PricewaterhouseCoopers (PwC) to draw up a plan in a bid to save the company's 230 High Street branches. The clothing retailer, which employs 5,500 people, is taking action after reporting £32.2 million losses for 2023. PwC will draw up a formal restructuring plan in a bid to prevent the chain closing down., reports Sky. River Island has been part of the Uk landscape since 1948. It was founded by Bernard Lewis and was originally called Lewis and Chelsea Girl.l It is now run by CEO Ben Lewis, nephew of Bernard Lewis, who took over in February having previously held the post for 10 years before stepping down in 2019. The company has already m,ade redundancies at its head office in London in departments including buying, merchandising and HR. In 2023, the company saw a 15 per cent drop in sales and a 19 per cent fall in turnover after making £7.5million profit in 2022. In its latest accounts, River Island Holdings Limited said: "The market for retailing of fashion clothing is fast changing with customer preferences for more diverse, convenient and speedier shopping journeys and with increasing competition especially in the digital space. Article continues below "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." Bernard Leiws originally started his business as a fruit and veg stall in Notting Hill, using a site bo,mbed during World War Two. It quickly became The Wool Shop then a chain of nine stores called Lewis Seperates with its first in-house designed clothes on sale from 1950. Article continues below The chain rebranded as Chelsea Girl in 1970 and became River Island in 1988. It opened its first overseas branches in 1993 and was one of the first brands to start selling online.
Yahoo
3 days ago
- Business
- Yahoo
River Island owners draw up rescue plan for high street chain
The family behind River Island, the high street fashion retailer, is drawing up a radical rescue plan which could put significant numbers of stores and jobs at risk. Sky News has learnt that the chain's owners have drafted in advisers from PricewaterhouseCoopers (PwC) to devise a formal restructuring plan. The proposals, which are expected to be finalised within weeks, are subject to sign-off, with sources insisting this weekend that any firm decisions about the future of the business have yet to be taken. River Island is one of Britain's best-known clothing chains, operating roughly 230 stores across the country, and employing approximately 5,500 people. ADVERTISEMENT Previously named Lewis and Chelsea Girl, the business was founded in 1948 by Bernard Lewis, finally adopting its current brand four decades later. Accounts for River Island Clothing Co for the 52 weeks ending 30 December, 2023 show the company made a £33.2m pre-tax loss. Turnover during the year fell by more than 19% to £578.1m. A restructuring plan is a court-supervised process which enables companies facing financial difficulties to compromise creditors such as landlords in order to avoid insolvency proceedings. In recent years, it has been used by companies including the casual dining chain Prezzo and, more recently, Hobbycraft, the retailer now owned by Modella Capital. One source said that if it proceeded a restructuring plan at River Island could emerge within weeks. This weekend, it was unclear how many stores and jobs might be under threat from a formal rescue deal. ADVERTISEMENT In its latest accounts at Companies House, River Island Holdings Limited warned of a multitude of financial and operational risks to its business. "The market for retailing of fashion clothing is fast changing with customer preferences for more diverse, convenient and speedier shopping journeys and with increasing competition especially in the digital space," it 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 January, Sky News reported that River Island had hired AlixPartners, the consulting firm, to undertake work on cost reductions and profit improvement. ADVERTISEMENT AlixPartners' role is now understood to have been superseded by that of PwC. Retailers have complained bitterly about the impact of tax changes announced by Rachel Reeves, the chancellor, in last autumn's Budget. Since then, a cluster of well-known chains, including Lakeland and The Original Factory Shop, have been forced to seek new owners. Poundland, the discount retail giant, is in the latter stages of an auction process, with Hilco Capital and Gordon Brothers remaining interested in acquiring it. A spokesperson for River Island declined to comment.
Sky News
3 days ago
- Business
- Sky News
River Island owners draw up rescue plan for high street chain
The family behind River Island, the high street fashion retailer, is drawing up a radical rescue plan which could put significant numbers of stores and jobs at risk. Sky News has learnt that the chain's owners have drafted in advisers from PricewaterhouseCoopers (PwC) to devise a formal restructuring plan. The proposals, which are expected to be finalised within weeks, are subject to sign-off, with sources insisting this weekend that any firm decisions about the future of the business have yet to be taken. River Island is one of Britain's best-known clothing chains, operating roughly 230 stores across the country, and employing approximately 5,500 people. Previously named Lewis and Chelsea Girl, the business was founded in 1948 by Bernard Lewis, finally adopting its current brand four decades later. Accounts for River Island Clothing Co for the 52 weeks ending 30 December, 2023 show the company made a £33.2m pre-tax loss. Turnover during the year fell by more than 19% to £578.1m. A restructuring plan is a court-supervised process which enables companies facing financial difficulties to compromise creditors such as landlords in order to avoid insolvency proceedings. In recent years, it has been used by companies including the casual dining chain Prezzo and, more recently, Hobbycraft, the retailer now owned by Modella Capital. One source said that if it proceeded a restructuring plan at River Island could emerge within weeks. This weekend, it was unclear how many stores and jobs might be under threat from a formal rescue deal. In its latest accounts at Companies House, River Island Holdings Limited warned of a multitude of financial and operational risks to its business. "The market for retailing of fashion clothing is fast changing with customer preferences for more diverse, convenient and speedier shopping journeys and with increasing competition especially in the digital space," it 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 January, Sky News reported that River Island had hired AlixPartners, the consulting firm, to undertake work on cost reductions and profit improvement. AlixPartners' role is now understood to have been superseded by that of PwC. Retailers have complained bitterly about the impact of tax changes announced by Rachel Reeves, the chancellor, in last autumn's Budget. Since then, a cluster of well-known chains, including Lakeland and The Original Factory Shop, have been forced to seek new owners. Poundland, the discount retail giant, is in the latter stages of an auction process, with Hilco Capital and Gordon Brothers remaining interested in acquiring it.
