Fashion giant River Island is set to close 33 UK stores permanently as a restructuring plan has been approved which will mean hundreds of people losing their jobs.

In a major shake up, a restructuring plan aimed at preventing River Island from collapsing into administration has been approved by a High Court judge.

River Island is also looking to secure further funding later this year to avoid falling into millions of pounds’ worth of debt. The London-based company's rescue plan will see it shut 33 stores and pay reduced rents on another 71 shops.

Landlords are being asked to cut rents for three years and potentially stop payments completely on some sites in a bid to stem losses.

Matthew Weaver KC, for River Island, told a hearing on Friday that the company “simply has not been able to

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