Latest news with #BenLewis
Scottish Sun
7 days ago
- Business
- Scottish Sun
Full list of 33 River Island shops set to SHUT as chain at risk of collapsing within just weeks
Drastic measure is floated to keep the brand alive SHOPPING MAUL Full list of 33 River Island shops set to SHUT as chain at risk of collapsing within just weeks Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) THE full list of River Island stores at risk of closure has been revealed – and it includes sites in major cities. Shops in Oxford, Edinburgh, Brighton and Leeds are facing the axe to prevent the iconic brand from collapsing. Sign up for Scottish Sun newsletter Sign up 1 River Island is fighting a battle for survival as customers move online to shop Credit: Getty The iconic fashion chain could reportedly run out of money in August if plans to shut the 33 stores and cut rents on a further 71 are not given the green light. The retailer has already revealed which 33 branches will shutter and has confirmed they will close in January. This does note affect which is continuing to trade. River Island is also looking to write off a series of debts, including those to landlords, to help keep the brand afloat. A formal restructuring plan written up by the chain's advisers, PwC, states that the chain will not be able to "continue trading" and would be "subject to administration or other insolvency proceedings" if plans are not approved. A spokesperson said: "River Island circulated its proposals for a Restructuring Plan to creditors on June 20th. "In combination with the company's ongoing Transformation Strategy, the Plan is a proactive measure to place the company on a firm footing. "We have been having positive conversations with key stakeholders and are confident that we will achieve approval of the Plan in the next few weeks." Major card chain with 163 shops launches closing down sales ahead of shutting its doors for good It comes amid a challenging time for the brand, as a rise in ultra-cheap fast fashion and low consumer spending has hit retail businesses hard. In a statement, issued last month, Ben Lewis, chief executive officer, said: "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." Worsening financial position Accounts for River Island Clothing Co for the year ending December 30, 2023, showed the firm made a £33.2 million pre-tax loss. Then the turnover during the following 12 months fell by more than 19% to £578.1 million. The retailer's most recent accounts on Companies House also warned of worsening financial and operational risks. They said: "The key business risks for the group are the pressures of a highly competitive and changing retail environment combined with increased economic uncertainty. "A number of geopolitical events have resulted in continuing supply chain disruption as well as energy, labour and food price increases, driving inflation and interest rates higher and resulting in weaker disposable income and lower consumer confidence." In recent months, a number of stores have closed including in Corby, Banbury and Chesterfield.
The Irish Sun
24-07-2025
- Business
- The Irish Sun
River Island on ‘brink of collapse' in WEEKS as 33 shops and hundreds of jobs at risk
RIVER Island is said to be on the "brink of collapse" unless creditors and landlords approve its rescue plan. The iconic fashion chain could run out of money come August if plans to shut 33 stores and cut rents on a further 71 are not given the green light. 1 River Island has found itself in hot water Credit: Alamy That is according to The retailer has already revealed which 33 branches will shutter and has confirmed they will close in January. River Island is also looking to write off a series of debts, including those to landlords, to help keep the brand afloat. A formal restructuring plan written up by the chain's advisers, PwC, states that the chain will not be able to "continue trading" and would be "subject to administration or other insolvency proceedings" if plans are not approved. But the brand, which was founded by the Lewis Family in 1948, needs to get a seal of approval from 75% of its creditors to push forward with its proposal. If this goes ahead, then an emergency loan from the billionaire family will be unlocked and the company will be able to pay its bills. Landlords of the stores not facing closure could also be asked to accept zero rental payments on stores. River Island is also proposing three-year rent cuts of between 75% and 25%. Most read in Money A spokesperson said: "River Island circulated its proposals for a Restructuring Plan to creditors on June 20th. In combination with the company's ongoing Transformation Strategy, the Plan is a proactive measure to place the company on a firm footing. "We have been having positive conversations with key stakeholders and are confident that we will achieve approval of the Plan in the next few weeks." Major card chain with 163 shops launches closing down sales ahead of shutting its doors for good It is also important to note that River Island stores and its online website remain open and trading as usual. It comes amid a challenging time for the brand, as a rise in ultra-cheap fast fashion and low consumer spending has hit retail businesses hard. In a statement, issued last month, Ben Lewis, chief executive officer, said: "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." Trouble at the fashion firm Accounts for River Island Clothing Co for the year ending December 30, 2023, showed the firm made a £33.2 million pre-tax loss. Then the turnover during the following 12 months fell by more than 19% to £578.1 million. The retailer's most recent accounts on Companies House also warned of worsening financial and operational risks. They said: "The key business risks for the group are the pressures of a highly competitive and changing retail environment combined with increased economic uncertainty. "A number of geopolitical events have resulted in continuing supply chain disruption as well as energy, labour and food price increases, driving inflation and interest rates higher and resulting in weaker disposable income and lower consumer confidence." In recent months, a number of stores have closed including in Corby, Banbury and Chesterfield. Which River Island stores face closure? River Island has already named the 33 stores that it plans to close as part of its restructuring You can check out the full list of 33 here: Read more on the Irish Sun Beckton Bangor Bloomfield Wrexham Edinburgh Princes Street Hereford Surrey Quays Didcot Sutton Coldfield Aylesbury Burton-Upon-Trent Northwich Taunton Workington Falkirk Cumbernauld Kirkcaldy Gloucester Hartlepool Brighton Lisburn Norwich Oxford Poole Kilmarnock Hanley Barnstaple Grimsby Leeds Birstall Park Rochdale Great Yarmouth St Helens Stockton-on-Tees Perth The 33 shops earmarked for closure will stay open until January 2026 to make the most of peak trading. RETAIL PAIN IN 2025 The British Retail Consortium has predicted that the Treasury's hike to employer NICs will cost the retail sector £2.3billion. Research by the British Chambers of Commerce shows that more than half of companies plan to raise prices by early April. A survey of more than 4,800 firms found that 55% expect prices to increase in the next three months, up from 39% in a similar poll conducted in the latter half of 2024. Three-quarters of companies cited the cost of employing people as their primary financial pressure. The Centre for Retail Research (CRR) has also warned that around 17,350 retail sites are expected to shut down this year. It comes on the back of a tough 2024 when 13,000 shops closed their doors for good, already a 28% increase on the previous year. Professor Joshua Bamfield, director of the CRR said: "The results for 2024 show that although the outcomes for store closures overall were not as poor as in either 2020 or 2022, they are still disconcerting, with worse set to come in 2025." Professor Bamfield has also warned of a bleak outlook for 2025, predicting that as many as 202,000 jobs could be lost in the sector. "By increasing both the costs of running stores and the costs on each consumer's household it is highly likely that we will see retail job losses eclipse the height of the pandemic in 2020."
Scottish Sun
24-07-2025
- Business
- Scottish Sun
Major high street fashion retailer ‘on brink of collapse' as SIX stores in Scotland set to close
Click to share on X/Twitter (Opens in new window) Click to share on Facebook (Opens in new window) A MAJOR high street fashion retailer is reportedly on the brink of collapse and could run out of money by the end of August. Bosses at River Island are hoping their latest rescue plans are given the green light by creditors and landlords, which will "stave off a severe liquidity crisis". 2 River Island is said to be on the 'brink of collapse' Credit: Getty 2 Bosses previously confirmed the 33 high street branches that will shut Credit: Alamy According to The Telegraph, the proposal includes shutting 33 stores, cutting rents on a further 71 branches, and writing off debts. The iconic fashion chain already revealed which shops will pull the shutters down for good, and the list includes six branches in Scotland. Last month, bosses said that those earmarked for closure will stay open until January 2026 to make the most of peak trading. The firm's proposals are set to go before the High Court next week and will need to be agreed by 75 per cent of creditors to get the go-ahead. If it does, then the retailer will receive an emergency £40million loan from owners, the billionaire Lewis family. This would allow the high street chain to pay its bills and keep the brand afloat. The 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 Ben Lewis If the proposals are not given the green light, then River Island "will effectively run out of money by the end of August", according to The Telegraph. This would mean that it could not continue trading and 'would be subject to administration or other insolvency proceedings'. However, sources close to the situation revealed that details of the plan have been met with some pushback. This is because landlords of the 24 stores that are not being closed could be asked to move to a zero-rent model. I'm a size 20... my friends are an 8 and short size 12 - we tried the same four occasion glam dresses and all looked fab And the retailer has also proposed three-year rent cuts of between 75 per cent and 25 per cent. A spokesperson said: "River Island circulated its proposals for a Restructuring Plan to creditors on June 20th. "In combination with the company's ongoing Transformation Strategy, the Plan is a proactive measure to place the company on a firm footing. "We have been having positive conversations with key stakeholders and are confident that we will achieve approval of the Plan in the next few weeks." The retailer drafted in advisers from PricewaterhouseCoopers (PwC) just months ago to come up with money-saving solutions. Which River Island stores face closure? HERE is the full list of all the 33 stores that will shut: Beckton Bangor Bloomfield Wrexham Edinburgh Princes Street Hereford Surrey Quays Didcot Sutton Coldfield Aylesbury Burton-Upon-Trent Northwich Taunton Workington Falkirk Cumbernauld Kirkcaldy Gloucester Hartlepool Brighton Lisburn Norwich Oxford Poole Kilmarnock Hanley Barnstaple Grimsby Leeds Birstall Park Rochdale Great Yarmouth St Helens Stockton On Tees Perth And the advisers have warned that if plans are not approved, then the retailer will face a £10million 'funding need' in early September. This will then add up to a total of £50million before the end of 2025. River Island currently employs around 5,500 workers across the UK. However, bosses have not said how many jobs are at risk due to the closures. River Island has said the store closures are a result of rising costs over recent years and more customers switching to online shopping. We regret any job losses as a result of store closures, and we will try to keep these to a minimum Ben Lewis The firm said it means its "large portfolio of stores… is no longer aligned to our customers' needs'. The six stores across Scotland that are set to close include the branches in Perth, Kilmarnock, Falkirk, Cumbernauld, Kirkcaldy, and Edinburgh's Princes Street. The move came off the back of poor financial results. Accounts for River Island Clothing Co for the year ending December 30, 2023, showed the firm made a £33.2million pre-tax loss. Then the turnover during the following 12 months fell by more than 19 per cent to £578.1million. Ben Lewis, CEO of River Island, previously said: "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. "Recent improvements in our fashion offer and in-store shopping experience are already showing very positive results. "But it is only with a restructuring plan that we will be able to see this strategy through and secure River Island's future as a profitable retail business. "We regret any job losses as a result of store closures, and we will try to keep these to a minimum.'
SBS Australia
18-07-2025
- Politics
- SBS Australia
Pressure on Putin, Syria clashes & what Albanese told Xi
Guests: Ben Lewis, SBS Chief International Correspondent; Anna Henderson, Chief Political Correspondent Producers: Ali Cheevers, Billy Dahlenburg Listen to Australian and world news, and follow trending topics with SBS News Podcasts.
New Straits Times
08-07-2025
- Business
- New Straits Times
Businesses talk customer experience but few deliver it, study finds
KUALA LUMPUR: There is a significant gap between what businesses aim to deliver in customer experience and what they actually achieve, with many struggling to use artificial intelligence (AI) effectively to support human-like interactions, a new study has found. The study, conducted by Harvard Business Review Analytic Services in association with cloud communications platform Infobip, surveyed business leaders on the state of conversational experiences. While 93 per cent of respondents acknowledge the importance of positive conversational experiences, only 36 per cent consider their organisations highly effective at delivering them, and just 11 per cent say they use AI effectively to enable human-like interactions. "While everyone talks customer experience, almost no one delivers," Infobip marketing and growth vice president Ben Lewis said in a statement. "When brands can't deliver meaningful, human-like conversations, they don't just lose efficiency, they lose trust. It's time to rethink what customer experience really means in the AI era," he added. The report, Conversational Experiences: The Untapped Potential of AI in Customer Engagement, highlights key barriers, namely poor visibility across platforms, difficulty capturing data along the customer journey and challenges integrating AI-powered features. Nearly half of respondents also cite a lack of best practices and underinvestment in advanced conversational technology. Still, many companies are taking steps to close the gap. In the next 12 months, 50 per cent will focus on automation, 41 per cent on enhancing AI in conversations, and 39 per cent on platform integration. Infobip is helping brands meet those goals. "This isn't about tools, it's about trust," said Lewis. "Every message, chatbot and notification should feel like it understands you. That's what we help brands deliver, across every channel, at any scale."
