RIVER Island is the latest retailer at rick of store closures as the company’s owners draw up a rescue plan to protect its existence on Britain’s high streets, Sky News reports.
The fashion chain has enlisted advisers from PricewaterhouseCoopers to develop a formal restructuring plan that could place substantial numbers of stores and jobs in jeopardy.
It is understood that proposals to save River Island are anticipated to be completed within weeks.
Sources have emphasised that whilst the plans are being developed, no definitive decisions regarding the company’s future have been made yet.
Furthermore, the restructuring proposals remain subject to approval before any action is taken.
As it stands, River Island operates approximately 230 stores throughout Britain and employs around 5,500 staff members.
Company accounts for the 52 weeks ending December 30, 2023 reveal the fashion chain recorded a pre-tax loss of £33.2million.
During the same period, turnover declined by more than 19 per cent to £578.1million.
