Hundreds of jobs at fashion retailer River Island could be set to go, as the struggling brand looks to push through store closures and rent cuts as part of its restructuring plans.

The retailer is reportedly looking to shutter 33 of its 250-strong store estate and slash rents on a further 71 stores when it hopes to unveil support from landlords for its restructuring plans in August, according to Sky News. 

The retailer has been working with PwC on its restructuring plan since May, and has blamed the rise in online shopping and rising costs as reasons for the need to restructure the business. 

River-Island

Hundreds of jobs at River Island are at risk as the retailer pushes for store closures

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.”

The retailer currently employs around 5,500 people, and wouldn’t reveal how many jobs could potentially be affected if its restructuring plan is approved later in the summer. 

Accounts for River Island Clothing Co for the 52 weeks ended December 30, 2023, show the company made a ÂŁ33.2m pre-tax loss.

Turnover during the year fell by more than 19% to ÂŁ578.1m.

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