River Island set to close 33 shops
Summary
River Island, a UK clothing retailer, plans to close 33 shops due to more people shopping online and increased costs to run stores. This decision puts many jobs at risk, and the company will ask for lower rent at 71 other locations while trying to minimize job losses.Key Facts
- River Island will close 33 stores in the UK.
- The closures could lead to many job losses.
- The company cites more online shopping and higher operating costs as reasons.
- River Island has 230 shops and about 5,500 employees.
- It has experienced financial losses, with a £33.2 million loss in 2023.
- River Island wants lower rent at 71 additional shops at risk.
- No head office workers will lose their jobs because of the closures.
- Creditors will vote on the plan on 4 August, and a court decision will follow on 7 August.
- River Island started in 1948 and changed its name in the 1980s.
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