A MAJOR clothing retailer is set to shut down a branch today – ahead of 33 more store closures.
It comes as part of a proposed restructuring plan that aims to save the company from insolvency.
GettyRiver Island is set to shut 33 stores as part of a proposed redevelopment plan[/caption]River Island in Banbury, Oxfordshire is set to close on June 28, as shoppers will now have to travel to Rugby or Oxford to visit a brick-and-mortar shop.
It’s part of a wider plan to close 33 branches across the UK, affecting hundreds of jobs.
River Island also wants its landlords to cut rent at an additional 71 stores that are struggling.
The restructuring plan, developed with PricewaterhouseCoopers, will be put to creditors in August.
A restructuring plan should help keep the company afloat and avoid insolvency.
The decision was due to a shift in customers shopping online, as well as increased running costs.
Ben Lewis, chief executive 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 by Bernard Lewis and currently operates in around 230 stores, employing 5,500 people.
It suffered losses of £33.2 million in 2023 after sales fell 19% according to the most recent set of accounts.
The proposals will not affect trade creditors, employees at unaffected stores, or customers.
Staff will be redeployed where possible to reduce job losses.
The majority of the closures will come in January 2026.
It comes as several major retailers struggle to survive on the high street.
Popular clothing retailer New Look has already closed ten stores this year, with another two set to close in the coming weeks.
Several banks have also undergone major restructuring plans – as NatWest is closing 55 stores this year, and Santander closes 95.
After Poundland sold for £1 earlier this month, the company announced an upcoming 68 store closures.
River Island Store Closures - January 2026
Aylesbury Bangor Bloomfield Barnstaple Beckton Brighton Burton-Upon-Trent Cumbernauld Didcot Edinburgh Princes Street Falkirk Gloucester Great Yarmouth Grimsby Hanley Hartlepool Hereford Kilmarnock Kirkcaldy Leeds Birstall Park Lisburn Northwich Norwich Oxford Perth Poole St Helens Stockton on Tees Surrey Quays Sutton Coldfield Taunton Rochdale Workington Wrexham GettyIt is one of many retailers struggling to survive on the high street[/caption] Read More Details
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