About 650 people will lose their jobs and 136 Rivers stores will shut their doors as the Australia clothing and footwear brand Rivers is closed.
The announcement was made by KPMG, the receivers and managers of parent company Mosaic Brands Group, which went into voluntary administration in October 2024 with debts of $250 million.
KPMG said all remaining Rivers stores would close by mid-April because it had been unable to sell the Rivers business but they were continuing to work on a transaction for the remaining brands in the Mosaic portfolio, including Millers and Noni B.
KPMG partners David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth were appointed as Receivers of the Mosaic Brands Group entities on 28 October 2024.
“Unfortunately, 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,” Receiver and KPMG Turnaround & Restructuring Partner David Hardy said in a statement.
“The Receivers would like to thank the Mosaic and Rivers employees who have all worked tirelessly during this difficult period, as well as Rivers’ loyal customer base who have continued to support the brands.”
The timing of individual store closures would vary and be largely dependent on stock levels and sales.
“Sale events and promotions will be run in all stores and the Receivers encourage customers to visit their local store or the ecommerce site while stocks last,” Hardy said.
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