Latest news with #RestructuringPlan
Fashion United
7 days ago
- Business
- Fashion United
River Island could collapse ‘within weeks' if rescue plan isn't approved
A new report has suggested that River Island could collapse 'within weeks' if its 'radical' rescue plan isn't approved by landlords and creditors. This is according to a formal restructuring report drawn up by PwC – currently serving as the British retailer's advisors – seen and reported on by The Telegraph. In the 800-page document, it is said that if the plan is rejected, River Island could run out of money by the end of August, leaving behind unpaid debts and pushing the company towards proceedings like administration or insolvency. Among the proposals, which are to be put before the High Court next week, River Island has suggested to return the leases on 33 stores, reduce rents on a further 71 and write off a series of debts to mitigate its liquidity issue. River Island's founders, the Lewis family, will be able to issue an emergency loan if the majority of its creditors approve of the plan. In a statement shared with FashionUnited, a spokesperson for River Island said: 'River Island circulated its proposals for a Restructuring Plan to creditors on June 20. '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 Irish Sun
7 days ago
- 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."
Business Upturn
20-07-2025
- Business
- Business Upturn
ROSEN, RECOGNIZED INVESTOR COUNSEL, Encourages iRobot Corporation Investors to Secure Counsel Before Important Deadline in Securities Class Action
NEW YORK, July 19, 2025 (GLOBE NEWSWIRE) — WHY: Rosen Law Firm, a global investor rights law firm, reminds purchasers of securities of iRobot Corporation (NASDAQ: IRBT) between January 29, 2024 and March 11, 2025, both dates inclusive (the 'Class Period'), of the important September 5, 2025 lead plaintiff deadline. SO WHAT: If you purchased iRobot securities during the Class Period you may be entitled to compensation without payment of any out of pocket fees or costs through a contingency fee arrangement. WHAT TO DO NEXT: To join the iRobot class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. A class action lawsuit has already been filed. If you wish to serve as lead plaintiff, you must move the Court no later than September 5, 2025. A lead plaintiff is a representative party acting on behalf of other class members in directing the litigation. WHY ROSEN LAW: We encourage investors to select qualified counsel with a track record of success in leadership roles. Often, firms issuing notices do not have comparable experience, resources, or any meaningful peer recognition. Many of these firms do not actually litigate securities class actions, but are merely middlemen that refer clients or partner with law firms that actually litigate the cases. Be wise in selecting counsel. The Rosen Law Firm represents investors throughout the globe, concentrating its practice in securities class actions and shareholder derivative litigation. Rosen Law Firm achieved the largest ever securities class action settlement against a Chinese Company at the time. Rosen Law Firm was Ranked No. 1 by ISS Securities Class Action Services for number of securities class action settlements in 2017. The firm has been ranked in the top 4 each year since 2013 and has recovered hundreds of millions of dollars for investors. In 2019 alone the firm secured over $438 million for investors. In 2020, founding partner Laurence Rosen was named by law360 as a Titan of Plaintiffs' Bar. Many of the firm's attorneys have been recognized by Lawdragon and Super Lawyers. DETAILS OF THE CASE: According to the lawsuit, throughout the Class Period, defendants made false and misleading statements and/or failed to disclose that: (1) iRobot overstated the extent to which the Restructuring Plan would help iRobot maintain stability after the termination of the Amazon Acquisition; (2) as a result, it was unlikely that iRobot would be able to profitably operate as a standalone company; (3) accordingly, there was substantial doubt about iRobot's ability to continue as a going concern; and (4) as a result, defendants' public statements were materially false and misleading at all relevant times. When the true details entered the market, the lawsuit claims that investors suffered damages. To join the iRobot class action, go to or call Phillip Kim, Esq. at 866-767-3653 or email [email protected] for more information. No Class Has Been Certified. Until a class is certified, you are not represented by counsel unless you retain one. You may select counsel of your choice. You may also remain an absent class member and do nothing at this point. An investor's ability to share in any potential future recovery is not dependent upon serving as lead plaintiff. Follow us for updates on LinkedIn: on Twitter: or on Facebook: Attorney Advertising. Prior results do not guarantee a similar outcome. ——————————- Contact Information: Laurence Rosen, Esq. Phillip Kim, Esq. The Rosen Law Firm, P.A. 275 Madison Avenue, 40th Floor New York, NY 10016 Tel: (212) 686-1060 Toll Free: (866) 767-3653 Fax: (212) 202-3827 [email protected]
Business Wire
17-07-2025
- Business
- Business Wire
Deadline Alert: iRobot Corporation (IRBT) Investors Who Lost Money Urged To Contact Glancy Prongay & Murray LLP About Securities Fraud Lawsuit
LOS ANGELES--(BUSINESS WIRE)-- Glancy Prongay & Murray LLP reminds investors of the upcoming September 5, 2025 deadline to file a lead plaintiff motion in the class action filed on behalf of investors who purchased or otherwise acquired iRobot Corporation ('iRobot' or the 'Company') (NASDAQ: IRBT) securities between , inclusive (the 'Class Period'). IF YOU SUFFERED A LOSS ON YOUR IROBOT INVESTMENTS, CLICK HERE TO INQUIRE ABOUT POTENTIALLY PURSUING CLAIMS TO RECOVER YOUR LOSS UNDER THE FEDERAL SECURITIES LAWS. What Happened? On March 12, 2025, iRobot released its fourth quarter and full year 2024 financial results, reporting a loss of $2.06 per share on revenue of $172 million, representing a 44% year-over-year decline and stating that 'there can be no assurance that [iRobot's] new product launches will be successful due to potential factors, including, but not limited to consumer demand, competition, macroeconomic conditions, and tariff policies.' Accordingly, '[g]iven these uncertainties and the implication they may have on the Company's financials, there is substantial doubt about the Company's ability to continue as a going concern for a period of at least 12 months from the date of the issuance of its consolidated 2024 financial statements.' On this news, iRobot's stock price fell $3.255, or 51.6%, over two consecutive trading days, to close at $3.055 per share on March 13, 2025, thereby injuring investors. What Is The Lawsuit About? The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) iRobot overstated the extent to which the Restructuring Plan would help the Company maintain stability after the termination of the Amazon Acquisition; (2) as a result, it was unlikely that iRobot would be able to profitably operate as a standalone company; (3) accordingly, there was substantial doubt about the Company's ability to continue as a going concern; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. If you purchased or otherwise acquired iRobot securities during the Class Period, you may move the Court no later than September 5, 2025 to request appointment as lead plaintiff in this putative class action lawsuit. Contact Us To Participate or Learn More: If you wish to learn more about this action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: Charles Linehan, Esq., Glancy Prongay & Murray LLP, 1925 Century Park East, Suite 2100, Los Angeles California 90067 Email: shareholders@ Telephone: 310-201-9150, Toll-Free: 888-773-9224 Visit our website at Follow us for updates on LinkedIn, Twitter, or Facebook. If you inquire by email, please include your mailing address, telephone number and number of shares purchased. To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
Business Wire
16-07-2025
- Business
- Business Wire
Deadline Approaching: iRobot Corporation (IRBT) Investors Who Lost Money Urged To Contact Law Offices of Howard G. Smith
BENSALEM, Pa.--(BUSINESS WIRE)--Law Offices of Howard G. Smith reminds investors of the upcoming September 5, 2025 deadline to file a lead plaintiff motion in the case filed on behalf of investors who purchased iRobot Corporation ('iRobot' or the 'Company') (NASDAQ: IRBT) securities between , inclusive (the 'Class Period'). IF YOU ARE AN INVESTOR WHO SUFFERED A LOSS IN IROBOT CORPORATION (IRBT), CONTACT THE LAW OFFICES OF HOWARD G. SMITH TO PARTICIPATE IN THE ONGOING SECURITIES FRAUD LAWSUIT. Contact the Law Offices of Howard G. Smith to discuss your legal rights by email at howardsmith@ by telephone at (215) 638-4847 or visit our website at What Happened? On March 12, 2025, iRobot released its fourth quarter and full year 2024 financial results, reporting a loss of $2.06 per share on revenue of $172 million, representing a 44% year-over-year decline and stating that 'there can be no assurance that [iRobot's] new product launches will be successful due to potential factors, including, but not limited to consumer demand, competition, macroeconomic conditions, and tariff policies.' Accordingly, '[g]iven these uncertainties and the implication they may have on the Company's financials, there is substantial doubt about the Company's ability to continue as a going concern for a period of at least 12 months from the date of the issuance of its consolidated 2024 financial statements.' On this news, iRobot's stock price fell $3.255, or 51.6%, over two consecutive trading days, to close at $3.055 per share on March 13, 2025, thereby injuring investors. What Is The Lawsuit About? The complaint filed in this class action alleges that throughout the Class Period, Defendants made materially false and/or misleading statements, as well as failed to disclose material adverse facts about the Company's business, operations, and prospects. Specifically, Defendants failed to disclose to investors that: (1) iRobot overstated the extent to which the Restructuring Plan would help the Company maintain stability after the termination of the Amazon Acquisition; (2) as a result, it was unlikely that iRobot would be able to profitably operate as a standalone company; (3) accordingly, there was substantial doubt about the Company's ability to continue as a going concern; and (4) as a result, Defendants' positive statements about the Company's business, operations, and prospects were materially misleading and/or lacked a reasonable basis at all relevant times. If you purchased or otherwise acquired iRobot securities during the Class Period, you may move the Court no later than September 5, 2025 to ask the Court to appoint you as lead plaintiff if you meet certain legal requirements. Contact Us To Participate or Learn More: If you wish to learn more about this class action, or if you have any questions concerning this announcement or your rights or interests with respect to these matters, please contact us: Law Offices of Howard G. Smith, 3070 Bristol Pike, Suite 112, Bensalem, Pennsylvania 19020, Telephone: (215) 638-4847 Email: howardsmith@ Visit our website at: To be a member of the class action you need not take any action at this time; you may retain counsel of your choice or take no action and remain an absent member of the class action. This press release may be considered Attorney Advertising in some jurisdictions under the applicable law and ethical rules.
