River Island has been given the green light to close 33 stores across the UK after the High Court approved the fashion retailer’s restructuring plans.
The High Street brand said a customer shift towards online shopping and higher operating costs had contributed to multi-million pound losses.
It had warned its creditors that it could run short of cash by the end of August if its turnaround proposal was not approved.
As well as closing shops, rents will be reduced at a further 71 branches as part of the plan which, River Island’s chief executive Ben Lewis, said “will enable us to align our store estate to our customers’ needs”.
