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News

River Island drafts rescue plan as losses mount
High street fashion brand River Island has hired PwC to advise on a formal restructuring plan as it faces falling sales and tough trading conditions. The high street fashion chain, with around 230 stores and 5,500 staff, may close stores and cut jobs. This follows earlier cost-cutting efforts, including head office redundancies in January. PwC replaces AlixPartners, previously brought in to boost profitability.

The UK retailer is finalising proposals, with a court-supervised process possible in the coming weeks. River Island posted a £33.2m pre-tax loss for 2023, with revenue down 19% to £578.1m. It blamed falling sales, store investments, and ongoing economic pressures including inflation, supply chain disruption, and weaker consumer confidence.

If implemented, the plan could help River Island secure deals with creditors and avoid insolvency. The move comes amid wider instability in the retail sector.

Read more at Retail Gazette
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