River Island, a family-run retail chain, announced plans to close 33 of its UK stores and review 71 additional locations due to heavy losses from decreased high street traffic and rising operational costs. Currently operating 230 stores with about 5,500 employees, the company aims to restructure in response to changing consumer shopping habits, facilitating a transition towards online sales. CEO Ben Lewis acknowledged the need for a realignment to better suit customer preferences, and the restructuring is expected to secure improved rental agreements and new investments to aid recovery.
River Island plans to close 33 UK stores and review 71 locations due to high street decline and increased operational costs, risking hundreds of jobs.
The closures stem from the transition of consumers to online shopping, coupled with rising costs, leading to a restructuring plan to stabilize the business.
Ben Lewis, CEO of River Island, stressed that the closures reflect a shift in retail dynamics, indicating a need to adapt to changing consumer behaviors.
The restructuring proposal aims to secure better rental deals with landlords and attract fresh funding to support River Island's long-term recovery efforts.
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