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Edinburgh Live
9 hours ago
- Business
- Edinburgh Live
Edinburgh Princes Street River Island set to close after 'major restructure'
Our community members are treated to special offers, promotions and adverts from us and our partners. You can check out at any time. More info An Edinburgh Princes Street clothes shop is set to close its doors following a major restructure. Fashion retailer River Island is shutting 33 of its stores - with bosses blaming rising costs. Five outlets will be closing up across Scotland including Edinburgh Princes Street, Aberdeen Union Square and Glasgow Argyle Street. Other stores include Glasgow Silverburn and Kilmarnock. The shops are preparing to close after January 2026 with 71 set for rent reduction discussions. Chief executive Ben Lewis 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." This is the full list of 33 stores that will shut: Aberdeen Union Square Basildon Bedford Beverley Birmingham Fort Blackburn Bolton Broughton Park Cannock Castleford Chesterfield Crewe Derby Doncaster Edinburgh Princes Street Fareham Gateshead Metrocentre Glasgow Argyle Street Glasgow Silverburn Grimsby Halifax Harrow Huddersfield Ipswich Kidderminster Kilmarnock Leamington Spa Loughborough Luton Middlesbrough Peterborough Southport Walsall
Scottish Sun
10 hours ago
- Business
- Scottish Sun
River Island set to axe five Scots stores – check if yours is closing
A further 70 UK Stores are at risk amid a huge shake-up SHUTTERS DOWN River Island set to axe five Scots stores – check if yours is closing Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) RIVER Island has confirmed five Scottish stores that will shut following a major restructure. The fashion retailer has revealed 33 branches across the UK will close including Aberdeen Union Square, Glasgow Argyle Street and Edinburgh Princes Street. Sign up for Scottish Sun newsletter Sign up 1 River Island has confirmed the 33 branches that will shut Credit: Getty Other Scottish branches will shut in Glasgow Silverburn and Kilmarnock This is the full list of 33 stores that will shut: Aberdeen Union Square Basildon Bedford Beverley Birmingham Fort Blackburn Bolton Broughton Park Cannock Castleford Chesterfield Crewe Derby Doncaster Edinburgh Princes Street Fareham Gateshead Metrocentre Glasgow Argyle Street Glasgow Silverburn Grimsby Halifax Harrow Huddersfield Ipswich Kidderminster Kilmarnock Leamington Spa Loughborough Luton Middlesbrough Peterborough Southport Walsall The 33 shops earmarked for closure will stay open until January 2026 to make the most of peak trading, Drapers reported. The closures come as River Island carries out a major restructuring of its store estate. The future of a further 70 stores is at risk and dependant on agreements being reached with landlords to slash rent payments. The retailer is reportedly set to split its store estate into seven categories of closures and rent reductions. Only nine stores are planned to keep paying full rent, while 38 could see rent reductions of up to 75% for three years. Meanwhile, 24 stores could move to a zero-rent model. River Island currently employs around 5,500 workers across the UK, but has not said how many jobs are at risk due to the closures. UK Retail Shake-Up: Superdry and More The retailer drafted in advisers from PricewaterhouseCoopers (PwC) just weeks ago to come up with money-saving solutions. The move came off the back of poor financial results. Accounts for River Island Clothing Co for the year ending December 30, 2023, showed the firm made a £33.2million pre-tax loss. Then the turnover during the following 12 months fell by more than 19% to £578.1million. In a statement issued last week, 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." Earlier this week we told how major high street retailer The Original Factory Shop announced it is closing three Scottish stores this week, with a fourth set to shut next month. The retail chain sells a range of discounted products, like cleaning supplies, travel items and even some beauty products. Customers can also pick up pet products, jewellery, drinks, perfume and footwear. However, bosses have revealed that they are pulling down the shutters on nine shops across the UK this week. This includes Scottish branches in Perth, as well as Arbroath, Angus, and Peterhead, Aberdeenshire. All three stores will close for good on Saturday, June 28. A fourth store in Cupar, Fife, will also close for good next month on Sunday, July 27.
