A huge fashion brand that is a high street staple across the UK is putting dozens of stores and thousands of jobs at risk as desperate bosses rush to draw up a rescue plan for the struggling firm.
The clothing retailer, which has 230 shops and employs around 5,500 people, is taking the step after latest figures showed it suffered a £32.2 million loss in 2023.
River Island has now called in advisers from PricewaterhouseCoopers (PwC) to devise a formal restructuring plan to stop the business going bust.
Proposals for a rescue plan are set to be finalised within weeks, Sky reports, although sources at the company say any key decisions about its future are yet to be taken.
River Island was originally named Lewis and Chelsea Girl after being founded in 1948 by Bernard Lewis, before changing its brand name four decades later.
