Fashion giant River Island has confirmed 33 of its stores will shut following a major restructure. The retailer confirmed branches across the UK will close – including in Derby, Doncaster and Fareham.
The 33 shops will stay open until January 26 with a further 70 at risk. It comes as River Island carries out a major restructuring programme, splitting its store estate into seven categories of closures and rent reductions.
The retailer currently employs around 5,500 people across the UK. However, is not yet clear how many jobs are at risk due to the closures.
Here is the full list of River Island stores that will close:
- 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
- Walsall
River Island has worked with PwC to come up with a solution to save money following poor financial results. The firm made a £33.2 million pre-tax loss for the year ending December 30, 2023.
The turnover during the following 12 months fell by more than 19% to £578.1 million. Ben Lewis, chief executive officer, 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.”
As well as the 33 set to close, a further 70 are at risk of shutting. Decisions will be made dependant on agreements being reached with landlords to slash rent payments.
It’s reported that only nine stores will continue to pay full rent. Meanwhile, 38 could see rent reductions and 24 could move to a sero-rent model.
About The Author
