Australian brand Rivers to close across the country
Australian clothing brand Rivers will be shut down completely across the country, with scores of stores closing and 650 jobs to go.
Receiver KPMG confirmed on Thursday (AEDT) that it had been unsuccessful in finding a buyer for the embattled business.
“This means the receivers have made the difficult decision to wind down this iconic Australian brand,” said KPMG partner David Hardy.
“The closure of the Rivers brand will impact 136 Rivers stores and approximately 650 employees.
“The timing of individual store closures will vary and be largely dependent on stock levels and sell-through.”
The brand’s owner, fashion retailer Mosaic Brands, went into voluntary administration in October.
Mosaic also owns brands such as Millers, Katies, Noni B and Autograph.
The receivers are still trying to find buyers for Millers and Noni B.
Mosaic had about 763 stores and thousands of employees across Australia and New Zealand when it went into voluntary administration.
It had been trying to focus more on big-box Rivers megastores in regional Australia.
In August, Mosaic shuttered the Rockmans, Autograph, Crossroads, W.Lane and BeMe brands to allow the company to focus on its Millers, Noni B, Rivers and Katies brands, as well a standalone online marketplace.
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According to Mosaic’s financial report from August 2023, it had 150 Rockmans stores, 49 Autograph stores and 32 W.Lane stores. BeMe and Crossroads are online-only outlets.
In February, Mosaic said it made a $5.4 million net profit, up 38 per cent from the previous quarter.
But it also ended 2022-23 with a net liability position of $66 million, including $39 million in debt and $45 million in lease liabilities, which its annual report noted “may cast significant doubt on the group’s ability to continue as a going concern”.
At the time, Mosaic’s board of directors expressed optimism the company would be able to pay its debts as and when they fell due.
