River Island owners drawing up rescue plan risking 230 UK stores, 5,500 jobs

River Island, a prominent British high-street fashion retailer with 230 stores and approximately 5,500 employees, is facing significant financial challenges as it reported a £33.2 million pre-tax loss for 2023 alongside a more than 19% decline in turnover. The company's owners have enlisted advisers from PricewaterhouseCoopers (PwC) to develop a formal restructuring plan aimed at saving the business, which could result in store closures and job losses, although no definitive decisions have been made yet. The retail environment's rapid changes, increased competition, especially from digital channels, supply chain disruptions, and rising costs due to geopolitical and economic factors have contributed to the company's difficulties. River Island has already implemented some redundancies, particularly at its London head office, as part of cost-cutting measures. The restructuring plan, subject to court approval, is intended to help River Island negotiate with creditors and avoid insolvency, similar to processes used by other UK retailers in recent years. The outcome remains uncertain, with the scale of potential impacts on stores and employment still unclear.