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News of the closure comes days after it was revealed that up to 230 of the retailer’s stores are at risk.
The retailer is set to undergo a restructuring due to tough trading conditions.
The owners of River Island have brought in advisers from PricewaterhouseCoopers (PwC) to come up with money-saving solutions, reports Sky News.
The proposals are expected to be finalised in a matter of weeks, though sources have reportedly claimed no decisions have been approved on the retailer’s future.
Accounts for River Island Clothing Co for the year ending December 30 2023 showed the firm made a £33.2million pre-tax loss.
Then the turnover during the following 12 months fell by more than 19% to £578.1million.
In January, River Island hired consulting firm, AlixPartners, to undertake work on cost reductions and profit improvement.
However it is now understood PwC has now taken over.
TROUBLE FOR BRITISH FASHION BRANDS
A rise in online shopping coupled with Brits having less money to spend at the till has created problems for fashion brands.
New Look has closed a number of stores in the UK and it’s entire estate in the Republic of Ireland.
The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion.
Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April.
A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024.
Three-quarters of companies cited the cost of employing people as their primary financial pressure.
The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year.
It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year.
Professor Joshua Bamfield, director of the CRR said: “The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025.”
Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector.
“By increasing both the costs of running stores and the costs on each consumer’s household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020.”
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