River Island shutting popular store this weekend as 33 more branches set to go

River Island is closing one of its shops this weekend ahead of plans to close 33 more branches. The fashion retailer is shutting its branch in Banbury, Oxfordshire, on June 28.

It means shoppers will have to travel to their next nearest store in Rugby and Oxford. The closure was revealed in a post on Facebook, which contained an image of a closing down sign.

The poster reads: “This store will be closing on Saturday 28th June. Please visit us 24/7 online at RiverIsland.com or at your nearest store: Rugby and Oxford. To all our valued customers we will see you soon!”

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This isn't the only River Island that has shut in recent months. River Island stores in Willows Place, Corby, and in Vicar Lane Shopping Centre in Chesterfield both closed in April.

It comes after it was reported that hundreds of jobs are at risk at River Island as part of major restructuring plans that involve shutting 33 of its 230 UK stores. These latest closure are not part of these proposals.

A further 71 stores could also at risk depending on talks with landlords, with River Island looking to slash rents at these locations, according to Sky News. River Island employs around 5,500 people and was founded in 1948 under the Lewis and Chelsea Girl brand before being renamed in the 1980s.

Ben Lewis, River Island chief executive, told Sky News: "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."

River Island has reportedly hired advisors from PwC in order to oversee the restructuring process, and the proposals will need to be approved by creditors.

River Island fell to a £33.2million loss in 2023 after sales slid by 19%, according to its most recent set of accounts. It comes as Poundland revealed plans to close 68 stores as part of a major restructure, plus it will look to reduce its rent at a number of other locations.

The restructuring plan will go through the High Court for approval. As part of the restructuring plan, Pepco will retain a minority stake in Poundland. Gordon Brothers is providing up to £80million of financing to help fund the turnaround plan.

Stephan Borchert, Pepco Group chief executive, said: “This transaction will strongly support our accelerated value creation programme by simplifying the group and focusing on our successful Pepco business.

“Poundland remains a key player in UK discount retail, with millions of customers annually and a well-loved brand and proposition.

“We want to sincerely thank all the Poundland team for their ongoing commitment and contribution to the group and wish Barry Williams and his team all the best for the future.”