Latest news with #MichelleQuinn
Scottish Sun
3 days ago
- Business
- Scottish Sun
River Island to cut 110 jobs with hundreds more at risk as 33 shops to shut in huge shake-up
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) RIVER ISLAND is set to axe 110 jobs, as it continues with restructuring plans that will see 33 shops shut for good. The high street fashion retailer previously axed 100 staff members in January, meaning that its redundancies are expected to surpass 200 by the end of the year. Sign up for Scottish Sun newsletter Sign up 1 River Island is set to axe 110 staff members Credit: Alamy According to reports from Drapers, River Island is currently in talks with the impacted head office employees. It is currently unclear which departments are affected. 33 stores to shut Last Friday, the High Court approved a major restructuring plan for the business, which will see at least 33 stores shut. The plan has been put in place to help write off the fast-fashion retailer's debts. Ben Lewis, CEO of River Island, said: "We are pleased that River Island's restructuring plan has been approved by the High Court. "We have a clear transformation strategy to ensure the long-term viability of the business, and this decision gives us a strong platform to deliver this. "Recent improvements in our fashion offer and shopping experience are starting to show results, and the restructuring plan will enable us to align our store estate to our customers' needs. "We are grateful to our suppliers, landlords and other stakeholders for their constructive engagement and shared confidence in River Island's future." Rent reductions River Island also asked for rent reductions at a further 71 of its stores, and although it failed to get landlord support for this, the High Court ruling means that it is still likely to take place. A leading insolvency and restructuring lawyer said the High Court's decision has been taken "over the objections of landlords". Beloved high street chain with 24 Irish locations confirms Dublin city centre store closing down in 10 days in huge blow Michelle Quinn, partner at Grosvenor Law, said: "Absent any successful appeal, the landlords will now be subject to what is called a 'cross-class cram down' meaning that the restructuring plan will be imposed on them despite their objections." The Sun understands River Island is working with the landlords to minimise the number of store closures and job losses. A spokesperson for the fashion chain said: "We regret any job losses as a result of store closures, and we will try to keep these to a minimum." The restructuring plan, put forward by PWC revealed that if the High Court had not approved it, River Island would not be able to continue trading and would go into administration. Full list of 33 River Island stores to close Beckton Bangor Bloomfield Wrexham Edinburgh Princes Street Hereford Surrey Quays Didcot Sutton Coldfield Aylesbury Burton-Upon-Trent Northwich Taunton Workington Falkirk Cumbernauld Kirkcaldy Gloucester Hartlepool Brighton Lisburn Norwich Oxford Poole Kilmarnock Hanley Barnstaple Grimsby Leeds Birstall Park Rochdale Great Yarmouth St Helens Stockton-on-Tees Perth River Island currently has more than 250 stores across the country and around 5,500 employees. The plans mean more than 140 stores and thousands of jobs are likely to be saved. New funding is also expected to be injected into River Island now the restructuring plan has been approved. The retail sector has struggled in recent years because of the rise of online shopping, lockdowns during the coronavirus pandemic and decreased customer spending. Earlier this summer, the owners of Poundland confirmed they would shut 68 stores with 82 more at risk. Both Hobbycraft and The Original Factory Shop are also shutting branches as part of restructuring efforts.
Voice of America
28-02-2025
- Business
- Voice of America
With $500B US investment, Apple pulling away from China, analysts say
Apple announced this week it would spend $500 billion in the U.S. over the next four years and create 20,000 jobs, signaling its pro-U.S. jobs and investment policy. U.S. President Donald Trump also announced he would double tariffs on China, where most Apple products are made. Michelle Quinn reports.
Voice of America
30-01-2025
- Business
- Voice of America
Chinese app shakes up AI race
The URL has been copied to your clipboard The code has been copied to your clipboard. A small Chinese company sent shockwaves around the tech world this week with news that it has created a high-performing artificial intelligence system with less computing power and at a lower cost than ones made by U.S. tech giants. Michelle Quinn reports.
