River Island is considering a Company Voluntary Arrangement (CVA) as the Coronavirus continues to hold back trading.
The High Street fashion retailer is looking to reduce rents and close stores across its 300-strong estate.
Last month, River Island stated it would make 250 head office staff redundant, as part of cost-cutting measures.
Its last financial update in September 2019 showed operating profits falling from £80.6 million to £35.1 million.
Since then, the pandemic has taken its toll, with all stores closed during lockdown and the majority of staff furloughed.
In March, River Island said it would shut its distribution centre in Milton Keynes indefinitely, fulfilling all outstanding online orders before closing the centre which processed e-commerce business.
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Poundland significantly reduces antisocial behaviour, aggression and shoplifting with Motorola Solutions VT100 body cameras
Retail should not be a high-risk occupation. As a company, we are focused on listening to our colleagues and customers to help them with the issues they are facing in-store and so far, the feedback on our body cameras has been excellent. They act as a great visual deterrent, help to de-escalate situations and overall, this project has significantly aided our goal to make the retail environment safer.
For further information on Motorola Solutions’ retail security products, including body cameras, click here.
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