River Island‘s survival is hanging by a thread: the British fashion chain wants to undergo a judicial reorganisation, but its landlords are opposing it. This Thursday, a judge will decide on the brand’s future.
Draconian measures
At the end of July, River Island announced it needed draconian measures to survive. The chain announced a reorganisation plan in which it wanted to close 33 stores, significantly reduce (or completely abolish) the rent of 71 other locations, and have part of the debts – including outstanding municipal taxes – written off. Without these measures, the fashion company warned it would run out of money before the end of August.
