Huge retailer River Island plans to shut 33 shops

The retailer has unveiled a radical restructuring plan in a bid to reverse recent heavy losses due to a slump in trading. It has reportedly hired advisers from PwC in order to oversee the restructuring process.
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Bosses blamed the closures on the 'migration of shoppers from the high street to online' and higher costs to run stores.
River Island fell to a £33.2 million loss in 2023 after sales slid by 19%, according to its most recent set of accounts.
(Image: Image: Newsquest) It is currently unknown if any Scotland stores are closing, however, Glasgow has five River Island shops on Argyle Street, Glasgow Fort, The Forge Shopping Centre, Silverburn Shopping Centre and Buchanan Galleries.
River Island also has stores in the likes of East Kilbride Shopping Centre and Braehead Shopping Centre.
The family-owned retailer confirmed it is proposing to close the stores by January next year as a result.
A further 71 stores are also at risk depending on talks with landlords in order to secure improved rental deals.
The proposals are set to go to a vote by the firm's creditors – companies or individuals owed money by the retailer – in August.
The deal will result in fresh funding being invested into the business in order to help fuel its turnaround.
The retailer, which employs around 5,500 people, was founded in 1948 under the Lewis and Chelsea Girl brand before being renamed in the 1980s.
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Ben Lewis, chief executive of River Island, said: 'River Island is a much-loved retailer, with a decades-long history on the British high street.
'However, the well-documented migration of shoppers from the high street to online has left the business with a large portfolio of stores that is no longer aligned to our customers' needs.
'The sharp rise in the cost of doing business over the last few years has only added to the financial burden.
'We have a clear strategy to transform the business to ensure its long-term viability.
'Recent improvements in our fashion offer and in-store shopping experience are already showing very positive results, but it is only with a restructuring plan that we will be able to see this strategy through and secure River Island's future as a profitable retail business.
'We regret any job losses as a result of store closures, and we will try to keep these to a minimum.'

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Festivals given £3m in Government funding

Leader Live

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Leader Live

Festivals given £3m in Government funding

The events will receive a share of the £2.8 million Festivals Expo Fund, and Festivals Edinburgh will get £200,000 from Creative Scotland for branding and marketing support for the events in the capital. The Expo Fund spending has increased from £1.7 million last year. The Edinburgh Festival Fringe will receive £670,000, while the Edinburgh International Book Festival will be given £200,000, the same amount as for the Scottish International Storytelling Festival. Culture Secretary Angus Robertson said: 'Scotland's festivals are our cultural shopfront to the rest of the world. 'As well as offering performers and creatives an unrivalled international platform, they also deliver an annual economic uplift to businesses, jobs and livelihoods right across the country. 'This year's funding increase for the existing Expo festivals cohort represents an increase of £1 million across the 14 festivals in Glasgow and Edinburgh, the first in 10 years. 'It recognises the success of festivals in shaping and supporting hundreds of commissions, enhancing the ambitions of thousands of Scottish artists and attracting audiences in the millions for Expo-supported work since the fund's creation in 2007. 'From this foundation we will expand the reach of the Expo fund across the whole of Scotland, and I am working with festivals across the country through the strategic festivals partnership to realise this commitment.' Dana MacLeod, executive director of arts, communities and inclusion at Creative Scotland, welcomed the funding, saying it will enable festivals to 'commission bold ideas, develop creative collaborations and present high-quality programmes for audiences in Scotland and internationally'. Lori Anderson, director of Festivals Edinburgh, said: 'Today's announcement is welcome news for our festivals and for Scotland's cultural sector, ensuring that the guiding principle of the Scottish Government's Festivals Expo Fund – to showcase Scottish talent to the world on the country's premier festival platforms – continues to successfully support creative careers.'