Hampshire River Island stores safe for now as 33 sites set to be closed down
A struggling high street chain has named 33 sites that have been earmarked to close with Hampshire stores safe for now.
River Island has been struggling in the current economic climate and could still collapse if creditors do not approve a restructuring plan which includes rent cuts of up to 75 per cent.
Factors such as rising costs, falling footfall and increased competition online has led to the fashion chain earmarking 33 stores to close. The good news for Portsmouth shoppers is that the local stores have not been named among the 33 with the Commercial Road, Fareham, and Whiteley branches given a reprieve.
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More will be known about the overall future of the fashion brand next week when a decision on the restructuring plan will be made at the High Court. Alongside rent cuts, the plan also includes debt-write offs and an emergency loan from the Lewis family who have owned it since it was founded in 1948.
The situation is dire enough that if the plan does not get approved by 75 per cent of creditors, the company has advised it will have “no option but to enter administration or other insolvency proceedings.”
Hundreds of jobs are at risk in the branches that have been earmarked for closure. The stores are expected to remain open until January 2026 to maximise sales over the peak Christmas period.