08 Aug 2025, 17:24
River Island Implements Restructuring Plan to Preserve Jobs
- Closure of 33 stores as part of the restructuring plan
- More than 4000 jobs will be preserved
- Reduction of rents for 71 stores
River Island received court approval for the implementation of its restructuring plan, which will allow the preservation of over 4000 jobs, but involves the closure of 33 out of 230 stores. As of August 8, 2025, the plan received support from the majority of creditors, while over 1000 jobs and another 70 stores remain under threat.
The company’s chief executive, Ben Lewis, stated that the plan includes cost-cutting measures, including a reduction in rent payments, which helps the company adapt to consumer needs. Established in 1948, the company has faced serious financial difficulties due to the decline in store footfall and increasing costs.
If the restructuring is not realized, the company warned that it would not be able to meet its financial obligations by the end of September.
The High Court, which heard the case, approved the plan without opposition from creditors, allowing River Island to continue its operations.
Tags: Economy