River Island stores at risk as it draws up rescue plan

The broadcaster said the proposals could put many of the fashion brand’s stores and jobs at risk. 

Outlines for a rescue plan are expected to be completed in weeks but will require sign-off.

River Island Clothing Co’s latest results, for the 52 weeks to December 30, 2023, showed a 15.1% drop in revenue on the year before and a loss before tax of £32.2m. 

The brand cited increased competition in the market when publishing its results, saying customers are seeking “more diverse, convenient and speedier” shopping experiences. The chain operates over 200 stores across the UK. 

There have been leadership changes at River Island in recent months, including the appointment of a new CEO and trading manging diector. 

Reports in January suggested that consultants from AlixPartners had been brought in to look at a “cost reduction and profit improvement exercise”. 

Sky News said it understands that PwC’s role has now superseded that of AlixPartners.