River Island to shut 33 shops with hundreds of jobs at risk – reports

Hundreds of jobs are at risk at River Island as part of plans to shut 33 of its UK stores, according to reports.

The retailer has drawn up a radical restructuring plan in a bid to reverse a recent slump in trading.

Sky News reported that the family-owned retailer is proposing to close 33 of its 230 stores as a result.

A further 71 stores are also at risk depending on talks with landlords in order to secure improved rental deals, according to the report.

River Island has been contacted for comment.

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 advisors 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 is expected to result in fresh funding being invested into the business in order to help fuel its turnaround.

It 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.