Fashion retailer River Island has announced that it intends to shut dozens of stores across the UK. A major restructure of the chain is set to see 33 shops close.
River Island currently operates 230 stores across the UK and Ireland, employing around 5,500 people. As well as shutting 33 of those shops, the chain has also revealed that 71 more locations are under review, pending negotiations with landlords.
The brand has blamed the shift to online shopping and rising operational costs for the closures, with chief executive Ben Lewis saying in a statement that River Island’s store portfolio is ‘no longer aligned to our customers’ needs’.
He 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.’
Exactly which 33 River Island shops are set to close hasn’t yet been revealed. The restructuring plan and subsequent closures will be put to creditors in a vote in August, so then we’ll have a better idea of which locations will close and when.
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