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River Island has revealed the full list of 33 stores set to be axed under sweeping plans which could put thousands of jobs on the line.
The embattled retailer has unveiled a radical restructuring plan in a bid to reverse recent losses due to a slump in trading.
Bosses blamed the closures on the ‘migration of shoppers from the High Street to online’ and higher costs to run stores.
The family-owned retailer confirmed it is proposing to close 33 of its 230 stores by January next year as a result.
Branches across the UK will be axed, including those in Derby, Doncaster and Fareham, retail site Drapers has reported.
Other branches set to be axed include outlets in Basildon, Edinburgh and Middlesbrough.
A further 71 stores are also at risk depending on talks with landlords in order to secure improved rental deals.
This is the full list of the 33 stores set to close is as follows:
- Aberdeen Union Square
- Basildon
- Bedford
- Beverley
- Birmingham Fort
- Blackburn
- Bolton
- Broughton Park
- Cannock
- Castleford
- Chesterfield
- Crewe
- Derby
- Doncaster
- Edinburgh Princes Street
- Fareham
- Gateshead Metrocentre
- Glasgow Argyle Street
- Glasgow Silverburn
- Grimsby
- Halifax
- Harrow
- Huddersfield
- Ipswich
- Kidderminster
- Kilmarnock
- Leamington Spa
- Loughborough
- Luton
- Middlesbrough
- Peterborough
- Southport
- Walsal
The 33 River Island stores earmarked for closure will continue trading until January 2026.
The news comes after the retailer’s chief executive announced the major restructuring plan of the British high street power house.
Ben Lewis 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.’
To manage the turnaround, the retailer has brought in advisers from PwC to oversee the restructuring process.
Under the plans, the future of a further 70 stores hangs in the balance and is dependent on a deals being reached with landlords to cut rent payments.
The fashion giant is set to split its store estate into seven categories of closures and rent reductions.
Nine outlets are planned to keep paying full rent, while 38 could see rent reductions of up to 75 per cent for three years.
Meanwhile, 24 stores could move to a zero-rent model.
The proposals will be put to a vote by creditors, those owed money by River Island, in August, with fresh funding expected to support the business’s recovery if approved.
The high street giant is among several fashion chains hit hard by weaker consumer spending and fierce competition from cheaper online rivals like Shein.
In its latest accounts, River Island reported a £33.2million loss for 2023, with sales down 19 per cent, highlighting the challenging trading environment.
In January, the firm introduced a redundancy programme at its London head office in a bid to save money in the context of increasingly pressured finances.
The company currently employs about 5,500 staff nationwide.
The job cuts affected a range of employees across buying, merchandising and HR, but the total number of losses was not confirmed by the retailer.
Company accounts showed the company was £33.2million in the red for the 12 months to December 30, 2023.
It also suffered a 15 per cent decline in sales and a 19 per cent fall in turnover.
The year before, River Island had a total profit of £7.5million.
