River Island stores across the UK could be forced to close as the fashion retailer faces the threat of administration.
In its latest accounts, River Island warned of significant financial and operational risks to its business.
The company currently operates around 230 stores – including one in Grimsby’s Freshney Place – and employs approximately 5,500 staff. According to a recent Sky News report, the company has entered talks with PricewaterhouseCoopers to develop a formal restructuring plan. The move could lead to significant store closures and job losses.
Final restructuring proposals are expected to be drawn up in the coming weeks.
River Island joins a growing list of high street retailers under financial strain, with Shoe Zone, Quiz, and WHSmith all recently announcing similar cost-cutting measures.
Gi Grimsby News has contacted River Island for comment on the future of its Freshney Place store.
Updates to follow.
Part of the Gi Grimsby News team since 2020.