River Island, which fell to a £33.2million loss in 2023 after sales slid by 19%, has reportedly hired advisors from PwC in order to oversee the restructuring process
River Island has revealed the full list of 33 stores it wants to shut as part of a major restructure. The fashion retailer confirmed its plans last week following a report by Sky News – but at the time, it did not publish which locations would be impacted.
The restructuring plan – which also includes proposals to cut rents at dozens of River Island stores – will be put to creditors in August before it needs approval from the High Court.
A letter to the court, seen by fashion industry news website Drapers, has revealed the list of stores earmarked for closure by January 2026, along with plans to reduce rents at another 71 shops.
The retailer is proposing rent cuts of between 25% and 75% for 36 months at 38 stores, and wants to reduce rent to zero at 24 other stores. Landlords for nine stores are set to receive full rent under the proposed plan.
River Island has around 230 stores and employs around 5,500 people. The retailer, which fell to a £33.2million loss in 2023 after sales slid by 19%, has reportedly hired advisors from PwC in order to oversee the restructuring process.
Ben Lewis, chief executive of River Island, 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 Mirror has contacted River Island for further comment.
River Island is closing one of its shops this weekend in Banbury, Oxfordshire. The store will shut for good on June 28. River Island stores in Willows Place, Corby, and in Vicar Lane Shopping Centre in Chesterfield both closed in April.
These branches were not part of the 33 planned store closures.
Full list of River Island planned store closures
- 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