The British fashion retailer River Island is reportedly working on a formal restructuring plan that could lead to the closure of several branches. As the news channel Sky News reports, the company is currently working with consultants: inside of PricewaterhouseCoopers (PWC). A corresponding plan could be presented within a few weeks.
It is still unclear how many branches and jobs could be affected by the measures. The associated proposals also have to be approved, and so far no final decisions about the future of the company have been made. River Island refused to comment on the current developments.
River Island’s financial difficulties are not new. In its latest financial report on Companies House, the company had already pointed out increasing financial worries. The retailer currently operates around 230 branches in Great Britain. In the report, the company named the pressure of a hard -fought and changing retail environment as well as economic uncertainty as essential business risks. Interruptions in the supply chain and increasing wage costs were also listed as stress factors.
For the 52 weeks until December 30, 2023, River Island reported an £ 33.2 million input tax (the equivalent of around 38.3 million euros). The turnover fell by over 19 percent to £ 578.1 million (around 669 million euros).
As early as January 2025, Sky News reported that River Island had hired Alixpartners’ consulting company to increase profitability and reduce costs. The cooperation with PWC has now indicated that the retailer separated from Alixpartners, according to the media report.
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