River Island at risk of collapse if landlords fail to back restructuring plan

River Island said the shift to online shopping had left it with a large portfolio of stores that was no longer aligned to its customers’ needs. Photograph: Gary Calton/The Observer

River Island has said it could collapse unless its landlords back a restructuring plan involving the closure of 33 stores and a sharp reduction in rent payments.

In documents outlining fresh details of the plan, which was first announced in June, the high street fashion retailer said it needed £10m in funds by the second week of September. It warned that figure could rise to £50m by the end of the year.