One of the best known brands on the British high street is reported to be close to closing its doors, with bosses working on a ‘radical rescue plan’.

Fashion retailer River Island is working with consultants to draw up a way to keep stores going amid tough trading conditions.

Proposals drawn up with PricewaterhouseCoopers (PwC) are expected to be signed off within weeks.

Some stores, as well as some of the 5,500 staff employed by the firm, could be affected by the move, Sky News reported.

River Island has been around for more than 75 years, previously named Lewis and then Chelsea Girl before being renamed to its current iteration in 1988.