River Island is closing 33 of its shops next year – but another 71 branches are also at risk.
The clothing brand is undergoing a major restructure to try to save the business after suffering heavy financial losses.
It made a £33.2million loss in 2023 after sales dropped by 19%, according to River Island’s most recent set of accounts.
Hundreds of jobs are at risk as it plans to close 33 of its 230 shops by January 2026.
But there are another 71 branches at risk if the brand is unable to renegotiate rents with its landlords.
River Island has not yet confirmed which of its shops will close and which will be at risk during renegotiations.
The brand says it will consult with employees at all affected branches, and attempt to redeploy as many people as possible elsewhere in the business, to reduce the number of redundancies.
Ben Lewis, CEO of River Island 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.’
River Island was founded in 1948, and originally operated under the Lewis and Chelsea Girl brands before being renamed in the 1980s.
It has brought in advisers from PwC to oversee the restructure, which will be voted on by those who are owed money by the retailer in August.
The deal will lead to fresh funding being invested into the business to help it turn its fortunes around.
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