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Message: [QUOTE="Munyaradzi Mafaro, post: 44562, member: 636"] River Island will shut down 33 stores across Britain and hundreds of workers could lose their jobs. The clothing company blamed online shopping trends and rising business costs for the difficult decision. The retailer also wants landlords to reduce rent at 71 other locations that face closure risks. The family business runs 230 shops and employs around 5,500 people but has struggled with major financial losses. Chief executive Ben Lewis said customers prefer shopping online rather than visiting physical stores. He explained that running costs have jumped sharply over recent years and created serious money problems. The company lost £33.2 million during 2023 after sales dropped 19 percent compared to previous years. River Island refuses to reveal which specific stores will close but promises to move workers to other locations when possible. Head office staff will keep their jobs during the restructuring process. Creditors will vote on the closure plan during early August and courts will make the final approval decision. The brand started in 1948 under different names before becoming River Island during the 1980s. Market expert Susannah Streeter said the closures make sense given current retail pressures. Fashion retailers face tough competition from online companies like Shein and Temu that offer cheaper products. Higher National Insurance costs hurt businesses with many physical locations. Customers spend less money because of inflation worries and this creates major challenges for traditional clothing stores across the country. [/QUOTE]

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