Barnstaple’s River Island store to close

Barnstaple’s River Island store has been confirmed among 33 branches to close after the fashion retail chain announced a restructuring of its business.

The company said it had taken the decision to close the ‘underperforming; stores due to fewer shoppers on the high street and an increased trend for people to shop online.

The chain made a loss of £33.2million in 2023, the last set of accounts published.

It said it had not taken the decision to close stores lightly but ‘following a period of financial underperformance, the business is now faced with a situation that requires decisive action to remain viable and protect its future’.

Along with the other stores set to close, the Barnstaple store at Green Lanes Shopping Centre will close in January 2026.

Ben Lewis, CEO of River Island 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.”

River Island has proposed a Restructuring Plan (RP) which allows a company to propose a compromise or arraignment with certain classes of its creditors.

It is aiming to keep a further 71 UK stores open, but is asking landlords for a reduction in rent to make them financially viable.