Clothing and footwear brand Rivers will close all 136 stores across the country by mid-April, resulting in 650 job losses after the receivers and managers for parent company Mosaic Brands failed to find a buyer.
The closure makes Rivers the seventh brand in the Mosaic group to be axed, following Rockmans, Autograph, Crossroads, W Lane and BeMe in late September and Katies in December.
Mosaicโs receivers have not been able to find a buyer for clothing and footwear brand Rivers.Credit: Ken Irwin
Mosaicโs receivers and managers are KPMG partners David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth, who are still attempting to find a buyer for Mosaicโs remaining brands, including Millers and Noni B.
KPMG turnaround and restructuring partner Hardy thanked Mosaic and Rivers staff for working tirelessly over the past few months.
โUnfortunately, a sale of Rivers was not able to be achieved. This means the receivers have made the difficult decision to wind down this iconic Australian brand,โ Hardy said in a statement.
Rivers stores will close at varying times based on stock levels and the brand will hold sales and promotions to clear stock.
More to come
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