One of the UK's most cherished retailers, River Island, is preparing to close a significant number of its stores by the end of next month. This move makes it the latest casualty in a series of high street mainstays forced to cease operations due to escalating costs. River Island, a long-standing fixture in the British retail landscape, is now ensnared in the high-street crisis sweeping the nation.

A total of 33 of its outlets are slated for permanent closure by the end of January. Additionally, the company has arranged to pay reduced rent on 71 separate locations nationwide as part of an agreement to keep the business operational. This development coincides with other high street stalwarts also having to permanently close their doors.

A High Court judge approved the plan to lower the rent rate back in August, enabling the fashion chain to pay less rent on its properties throughout the UK. However, to help keep the business solvent, 33 branches are now being shut down, according to the Retail Gazette.

The closures will impact every region of the UK, with stores from Barnstable in Devon to Kilmarnock in East Ayrshire set to close. Wales and Northern Ireland will also feel the effects, with shops in Wrexham and Lisburn earmarked for permanent closure.

Commenting on the decision to close the stores, River Island's CEO Ben Lewis stated: "We have a clear transformation strategy to ensure the long-term viability of the business, and this decision gives us a strong platform to deliver this."

He continued: "Recent improvements in our fashion offer and shopping experience are starting to show results, and the restructuring plan will enable us to align our store estate to our customers' needs.

"We are grateful to our suppliers, landlords and other stakeholders for their constructive engagement and shared confidence in River Island's future."

However, River Island is far from the only established high street retailer confronting closures in the new year. Earlier this month, it emerged that Poundland is preparing to shut another 14 stores as part of a restructuring initiative.

These outlets will close in February, meaning the discount chain will have been forced to shut down in over 100 different locations, according to Sky News.

Branches in areas such as Bexhill, Hempstead Valley and Cameron Toll are scheduled to close over the new year period. Following this, key locations in major cities, including its Bristol Avon Meads branch, will have to shut by the end of January, piling further pressure on the already-struggling retailer.

River Island and Poundland now join a growing list of long-established high street shops forced to close their doors. Other businesses that have already been pushed out of the market include bookmaker Paddy Power and jewellery retailer Claire's.

Paddy Power is set to shutter 57 of its betting shops across the UK and Ireland, jeopardising hundreds of jobs. This move comes amidst growing uncertainty about the future of the gambling industry, as bettors increasingly turn to online platforms, leaving physical outlets redundant.

Meanwhile, Claire's entered administration in August, sparking concerns that the popular teen jewellery retailer was facing total closure. Out of its original 306 stores, a staggering 145 have been permanently closed, while the remaining 156 are earmarked for sale to other buyers.