Latest news with #LewisandChelseaGirl
North Wales Chronicle
2 hours ago
- Business
- North Wales Chronicle
River Island to close 33 sites with hundreds of jobs at risk
The fashion retailer has unveiled a radical restructuring plan in a bid to reverse recent heavy losses due to a slump in trading. Bosses blamed the closures on the 'migration of shoppers from the high street to online' and higher costs to run stores. The family-owned retailer confirmed it is proposing to close 33 of its 230 stores by January next year as a result. A further 71 stores are also at risk, depending on talks with landlords in order to secure improved rental deals. The retailer, which employs around 5,500 people, was founded in 1948 under the Lewis and Chelsea Girl brand before being renamed in the 1980s. It has reportedly hired advisers from PwC in order to oversee the restructuring process. The proposals are set to go to a vote by the firm's creditors – companies or individuals owed money by the retailer – in August. The deal will result in fresh funding being invested in the business to help fuel its turnaround. Iconic islander, Amelia, does linen tailoring 🤍#ImWearingRI Ben Lewis, chief executive of River Island, 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. Recommended reading: 'We regret any job losses as a result of store closures, and we will try to keep these to a minimum.' The retailer is among high street fashion chains to have been impacted by weaker consumer spending and competition from cheaper online rivals, such as Shein. River Island fell to a £33.2 million loss in 2023 after sales slid by 19%, according to its most recent set of accounts.
Yahoo
4 hours ago
- Business
- Yahoo
Norfolk stores at risk as national chain plans shop closures
River Island stores in Norfolk could be at risk of closure after the chain unveiled a radical restructuring plan. The clothing retailer is proposing to close 33 of its 230 shops by January next year. Bosses blamed the closures on the 'migration of shoppers from the high street to online' and higher costs to run stores. A further 71 stores are also at risk, depending on talks with landlords in order to secure improved rental deals. River Island currently has shops in Great Yarmouth, King's Lynn and Norwich. Ben Lewis, chief executive of River Island, said: 'River Island is a much-loved retailer, with a decades-long history on the British high street. READ MORE: '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." River Island, which employs around 5,500 people, was founded in 1948 under the Lewis and Chelsea Girl brand before being renamed in the 1980s. It has reportedly hired advisers from PwC in order to oversee the restructuring process.
South Wales Guardian
5 hours ago
- Business
- South Wales Guardian
River Island to close 33 sites with hundreds of jobs at risk
The fashion retailer has unveiled a radical restructuring plan in a bid to reverse recent heavy losses due to a slump in trading. Bosses blamed the closures on the 'migration of shoppers from the high street to online' and higher costs to run stores. The family-owned retailer confirmed it is proposing to close 33 of its 230 stores by January next year as a result. A further 71 stores are also at risk, depending on talks with landlords in order to secure improved rental deals. The retailer, which employs around 5,500 people, was founded in 1948 under the Lewis and Chelsea Girl brand before being renamed in the 1980s. It has reportedly hired advisers from PwC in order to oversee the restructuring process. The proposals are set to go to a vote by the firm's creditors – companies or individuals owed money by the retailer – in August. The deal will result in fresh funding being invested in the business to help fuel its turnaround. Iconic islander, Amelia, does linen tailoring 🤍#ImWearingRI Ben Lewis, chief executive of River Island, 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. Recommended reading: 'We regret any job losses as a result of store closures, and we will try to keep these to a minimum.' The retailer is among high street fashion chains to have been impacted by weaker consumer spending and competition from cheaper online rivals, such as Shein. River Island fell to a £33.2 million loss in 2023 after sales slid by 19%, according to its most recent set of accounts.
South Wales Argus
6 hours ago
- Business
- South Wales Argus
River Island to close 33 sites with hundreds of jobs at risk
The fashion retailer has unveiled a radical restructuring plan in a bid to reverse recent heavy losses due to a slump in trading. Bosses blamed the closures on the 'migration of shoppers from the high street to online' and higher costs to run stores. The family-owned retailer confirmed it is proposing to close 33 of its 230 stores by January next year as a result. A further 71 stores are also at risk, depending on talks with landlords in order to secure improved rental deals. The retailer, which employs around 5,500 people, was founded in 1948 under the Lewis and Chelsea Girl brand before being renamed in the 1980s. It has reportedly hired advisers from PwC in order to oversee the restructuring process. The proposals are set to go to a vote by the firm's creditors – companies or individuals owed money by the retailer – in August. The deal will result in fresh funding being invested in the business to help fuel its turnaround. Ben Lewis, chief executive of River Island, 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. Recommended reading: 'We regret any job losses as a result of store closures, and we will try to keep these to a minimum.' The retailer is among high street fashion chains to have been impacted by weaker consumer spending and competition from cheaper online rivals, such as Shein. River Island fell to a £33.2 million loss in 2023 after sales slid by 19%, according to its most recent set of accounts.
Metro
6 hours ago
- Business
- Metro
Hundreds of jobs at risk with 33 River Island shops closing next year
River Island is closing 33 of its shops next year – but another 71 branches are also at risk. The clothing brand is undergoing a major restructure to try to save the business after suffering heavy financial losses. It made a £33.2million loss in 2023 after sales dropped by 19%, according to River Island's most recent set of accounts. Hundreds of jobs are at risk as it plans to close 33 of its 230 shops by January 2026. But there are another 71 branches at risk if the brand is unable to renegotiate rents with its landlords. River Island has not yet confirmed which of its shops will close and which will be at risk during renegotiations. The brand says it will consult with employees at all affected branches, and attempt to redeploy as many people as possible elsewhere in the business, to reduce the number of redundancies. To view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Ben Lewis, CEO of River Island 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. More Trending 'We regret any job losses as a result of store closures, and we will try to keep these to a minimum.' River Island was founded in 1948, and originally operated under the Lewis and Chelsea Girl brands before being renamed in the 1980s. It has brought in advisers from PwC to oversee the restructure, which will be voted on by those who are owed money by the retailer in August. View More » The deal will lead to fresh funding being invested into the business to help it turn its fortunes around. Get in touch with our news team by emailing us at webnews@ For more stories like this, check our news page. MORE: Linen trousers are a summer essential and here are the best designs to live in MORE: The best-selling butter yellow midi dress from Nobody's Child is finally back in stock MORE: Abbott Lyon's top-rated Fidget Ring is the chic accessory to soothe anxiety Your free newsletter guide to the best London has on offer, from drinks deals to restaurant reviews.
