River Island, a London-based fashion chain, aims to close 33 stores and negotiate reduced rents on 71 locations as part of a rescue plan. It faces a critical £10 million funding need in September, which could escalate to £50 million by next year if the restructuring fails. Court approval is needed, along with support from 75% of creditors mainly consisting of landlords. The company has indicated positive discussions with stakeholders while emphasizing the urgency to maintain its operations without entering insolvency proceedings.
River Island plans to close 33 stores and reduce rents on 71 others as part of a major rescue plan, while also needing to secure further funding.
The company faces a £10 million funding need in September, potentially rising to £50 million by next year, if its restructuring plan is rejected.
The restructuring plan requires court approval and backing from 75% of creditors, predominantly landlords, to avoid administration or insolvency proceedings.
Positive discussions with creditors have been ongoing, and River Island remains optimistic about achieving approval for its restructuring plan within weeks.
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