River Island accelerates store closure programme after £124 million loss.

River Island’s store closure programme is set to accelerate significantly in the coming weeks, with 33 locations scheduled to close their doors by the end of January. These closures are part of a court-approved restructuring plan designed to safeguard the future of the high street fashion retailer. The implementation of this plan follows dire warnings earlier in the year that the business faced potential collapse if the restructuring process was not finalized.

The restructuring plan extends beyond store closures to include measures aimed at reducing the operational overheads of the business. As part of this process, River Island will begin paying reduced rents for 71 of its current 200+ store network. This could involve rent reductions lasting up to three years for some locations, with certain stores potentially benefiting from a period where no rent payments are required at all.

The necessity for this drastic restructuring was highlighted by the retailer's recent financial performance. Newly filed accounts for River Island Holdings Limited revealed a pre-tax loss of £124.3 million for 2024, significantly wider than the £32.2 million loss reported for the previous year. This substantial loss occurred as turnover fell from £701.5 million to £690.1 million. During the hearing for the restructuring plan in August, the company's legal representatives informed the court that external pressures had prevented River Island from reversing its downward financial trend.

The specific stores slated for closure within weeks are: Aylesbury, Bangor Bloomfield, Barnstaple, Beckton, Brighton, Burton-Upon-Trent, Cumbernauld, Didcot, Edinburgh, Falkirk, Gloucester, Great Yarmouth, Grimsby, Hanley, Hartlepool, Hereford, Kilmarnock, Kirkcaldy, Leeds Birstall Park, Lisburn, Northwich, Norwich, Oxford, Perth, Poole, Rochdale, St Helens, Surrey Quays, Sutton Coldfield, Taunton, Workington, and Wrexham.