River Island To Restructure To Avoid Going Bust – Stores To Close

Update11th August

The court has approved the restructuring plan and here is the list of stores to close

Full list of stores on closure list:

Beckton
Bangor Bloomfield
Wrexham
Edinburgh Princes Street
Hereford
Surrey Quays
Didcot
Sutton Coldfield
Aylesbury
Burton-Upon-Trent
Northwich
Taunton
Workington
Falkirk
Cumbernauld
Kirkcaldy
Gloucester
Hartlepool
Brighton
Lisburn
Norwich
Oxford
Poole
Kilmarnock
Hanley
Barnstaple
Grimsby
Leeds Birstall Park
Rochdale
Great Yarmouth
St Helens
Stockton On Tees
Perth

According to reports, River Island becomes the latest retailer to look at Restructuring Plan as a way to avoid going bust.
Just after the Covid Pandemic it was considering a Company Voluntary Arrangement (CVA).

A Restructuring Plan binds all creditors not just the unsecured ones.  It is similar to a Scheme of Arrangement and is governed by the Companies Act 2006.  Creditors will vote and the scheme has to be approved by the court.  In a restructuring plan dissenting voters can be forced to accept the plan under what is known as a cross-class cramdown.

Hundreds of jobs may go and some 33 stores are likely to close.  If you are worried about redundancy then we have this guide page

Negotiations with landlords may see further stores close.  More soon.