River Island's £125m losses before rescue

RIVER

- Jon ROBINSON

Island lost almost £125m in the year before being saved from the brink of administration, it has been revealed.The high street retailer's restructuring plan, which was approved by the High Court in August this year, involved 33 stores being closed with the loss of hundreds of jobs.

The proposal also included rents being reduced - some to zero - and certain debts being written off.

At the time, River Island said it was making redundancies across its head office with expected savings of £8.1m a year.