River Island calls in PwC to work on restructuring plan, some shops might shut – report

In January, it’s believed that River Island has written in Alixpartners consultants “to deal with the advance of income.” And now, virtually six months later, in line with the reviews, he has written on PWC to take it additional.

Sky Information reported that he’s engaged on a proper restructuring plan supervised within the court docket and that the 230 shops used to five,500 may very well be ready for essential retailer closures and job cuts.

The Lewis household that based and nonetheless has the enterprise has known as to the advisors that it’ll make some troublesome choices as soon as the proposals, that are anticipated to finish “inside weeks.”

The newest accounts introduced by the corporate, which has advanced from Lewis to Chelsea Lady to River Island throughout its 77 years of historical past, had been for monetary yr 2023 and confirmed that it made a loss earlier than taxes of greater than 32 million with a two -digit turnover. Their subsequent accounts (by 2024) should be introduced on the finish of September.

Any restructuring plan might assist overcome the extended interval of issue and facilitate the elimination of low efficiency shops.

In his final set of accounts, River Island warned a few troublesome marketplace for it. This has affected a variety of vogue retailers and is because of elements such because the preferences of shoppers that evolve, the interruption of the availability chain and inflation that impacts vitality and labor prices, in addition to by impacting shopper spending.

A River Island spokesman didn’t remark within the sky report.