Overview

• The plan won about 80 percent support by value from creditors but fell short of the 75 percent threshold in landlord and other classes, triggering the need for judicial sanction.
• Approval would unlock a conditional £40 million facility from the Lewis family’s Blue Coast Capital to fund store closures, rent cuts and debt write-offs.
• The restructuring proposal calls for closing 33 stores by January 2026, negotiating rent reductions on 71 outlets—including zero-rent periods for some—and writing off a substantial portion of debt.
• River Island warned creditors in June that failure to secure court approval would lead to administration as early as September.
• The retailer reported a 19 percent drop in turnover and a £33.2 million pre-tax loss for the year to December 2023 in the context of rising operating costs and digital competition.