River Island on the brink of bankruptcy

Unless three quarters of creditors agree to a rescue plan soon, British fashion chain River Island is in danger of collapsing within weeks. “We will run out of money by the end of August.”

Emergency loan

River Island is deep in trouble: the fashion chain is suffering from rising costs and the shift to online shopping. Its extensive store network no longer meets the needs of fashion customers. That is why the British retailer wants to close 33 stores, negotiate lower rents for 71 others, and most importantly get debts written off to “stave off a severe liquidity crisis”, The Telegraph reports.