High street fashion retailer River Island has today announced that it is set to cut up to 350 jobs across its 300 UK stores, as COVID-19 continues to devastate the retail sector.
Employees have been told that the cuts will come through store management and senior sales roles. This announcement follows River Island’s announcement last month that it would cut 250 head office employees.
River Island has seen revenues and profits plummet due to COVID-19, and even after the easing of lockdown measures, sales have not risen to levels needed to keep the employees at the company.
River Island CEO Will Kernan said: “With a heavy heart, I can confirm that these changes will potentially impact up to 350 store management and senior sales roles. Whilst this is an incredibly difficult decision, these actions are crucial to ensure that our stores continue to effectively play their hugely important role in our omnichannel future.”
It has been reported today that the company is considering a company voluntary arrangement (CVA) or other form of insolvency with a view to reducing its rent costs and saving cash. This has been a growing trend within the retail sector following the outbreak of COVid-19.