River Island Faces Potential Collapse with Closure of 33 Stores and Job Losses

River Island is facing a financial crisis and may collapse if its rescue plan is not approved by creditors and landlords. The plan includes closing 33 stores and reducing rents on 71 others. The retailer needs 75% creditor approval to move forward with the proposal. If approved, an emergency loan will be unlocked to help pay bills. The brand, founded in 1948, is also looking to write off debts to stay afloat.

Despite the challenges, River Island stores and its online website are still operating normally. The company's recent financial reports show losses and declining turnover, reflecting the tough retail environment. The restructuring plan aims to align the business with changing customer needs and reduce financial burdens.

Some stores have already closed, and the list of 33 stores earmarked for closure has been announced. The closures are part of the restructuring plan to ensure the company's survival.

According to the source: The Sun.