River Island considers CVA proposal

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River Island considers CVA proposal

By Peter Walker

05/08/20

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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