Fashion retailer wants to shut 33 stores and reduce rent costs, and says it needs £10m of funding in September
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River Island has said it could collapse unless its landlords back a restructuring plan involving the closure of 33 stores and a sharp reduction in rent payments.
In documents outlining fresh details of the plan, which was first announced in June, the high street fashion retailer said it needed £10m in funds by the second week of September. It warned that figure could rise to £50m by the end of the year.
If the plan to reduce rents was not approved, via a vote and court hearing expected next month, the company told creditors it could run short of cash by the end of August and would be “unable to pay its debts as they fall due”.
