River Island plans 33 store closures as part of major shake-up putting hundreds of jobs at risk

In a statement issued on Friday, Ben Lewis, River Island’s chief executive, 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.”

Hundreds of jobs are at risk as River Island, the family-owned fashion retailer, proposes to close 33 of its 230 stores as part of a restructuring plan to be voted on by creditors in August, Sky news has revealed.

A further 71 stores could close subject to talks with landlords.

The company has not disclosed how many jobs could be affected by the closure of the initial 33 stores, nor has it revealed the extent of the rent reductions being negotiated with landlords.

River Island is believed to employ approximately 5,500 people across the UK.

Sources indicate that fresh funding will be injected into the business if the proposed restructuring plan gains creditor approval in August. Accounts for River Island Clothing Co for the 52 weeks ended 30 December 2023 show the company made a £33.2m pre-tax loss.

Turnover during the year fell by more than 19 per cent to £578.1million.