A very ‘bad’ show…
To stave off total collapse River Island entered a restructuring deal approved by the High Court in early August. This result officially allowed them to take drastic measures in order to prevent complete closure. The plan stated 33 shops would close, and a further 71 shops would be asking for a rent reduction. So I was rather surprised to see my local shop with a sign saying it’s closing, because it was not on the official closure list! And what a cheek asking for numerous rent reductions! I know some landlords overcharge, but to just turn around and say I’m paying less rent…I mean, if you’re a residential tenant, how would that work? Sorry, I’m not paying the rent that I agreed to pay when I signed my lease, because I don’t have enough money? Seriously? Realistically they had to do something; they’ve made a huge loss and had a £43 million shortfall in their budget to pay their debts. Which is a colossal amount. For my local shop it was an abrupt end: ‘hasta mañana’ (maybe not…), ‘arrivederci’, ‘goodbye’, and ‘never see you again’…with little warning, and it’s not even on the list! Rather shocking! But as per my previous post in July, when there was a 50% reduction sale ‘or more’ on, things were not going in the right direction, but I certainly did not expect it to shut so quickly and with no ‘official’ notification or warning!!
On the last day little was left…
I visited on the last day and went in to take a few photos, there was not a lot left. The next day it was completely cleared with only cardboard in the window, as though it had never been a River Island shop. I don’t know why I’m that bothered because I never bought much from there; I found their products overpriced. I just think it’s sad to see another retailer with a long history and a strong high street presence nearly hit the wall with multiple store closures. Of course they’re just going to go mainly online like lots of retailers, but when they go online, they’ve still got lots of competition. Unless they lower their prices, it’s going to be back to square one, surely? Will only hardcore fans save the brand? It seems that the shops in Ireland are not shutting; did they not make a loss in Ireland? All I can say is I’m rather shocked at what happened at my local store. Did the staff even know it was coming? A very bad show, wielding the axe in such a ‘carte blanche’ manner when it was not even on the official list! Good luck with getting rent reductions on 71 shops!! Because they’re certainly going to need it…