River Island is experiencing severe financial difficulties and risks running out of money by August. The company plans to close 33 stores in January and an additional 71 subsequently. They are seeking High Court approval for a restructuring plan aimed at writing off debts. PwC is advising River Island on its plans, warning that if rejected, the company may face administration or insolvency. The CEO noted that changes in shopping habits and rising business costs have impacted the company's viability in the current market.
River Island is on the brink of collapse as it could run out of money by August.
The fashion chain will close 33 stores in January and a further 71.
PwC are advising the company and have drawn up restructuring plans.
River Island has stated that it will be in the High Court next week to submit their terms as they look to write off debts.
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