If you’re a fan of Rivers, you’ll be saddened to hear that the Australian retailer is set to close its doors for good.
Despite efforts to find a buyer, the company’s receivers have announced that all 136 stores across the country will shut down from April, leaving 650 people without jobs.
What Went Wrong?
KPMG Receiver and Turnaround & Restructuring Partner David Hardy broke the news on Thursday, stating that the sale of Rivers was unsuccessful.
“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,” he said.
A Tribute to Rivers’ Loyal Customers and Employees
The Receivers have thanked the Mosaic and Rivers employees for their hard work during this challenging period, as well as the brand’s loyal customer base for their continued support.
Rivers’ parent company, Mosaic Brands Ltd, went into administration in October last year, and it seems that the company was unable to recover.
About Mosaic Brands
Mosaic Brands owns several other retailers, including Millers, Katies, Crossroads, and Noni B. The company had been facing difficulties and disruptions, which ultimately led to its downfall.
“The appointment of external administrators follows what has been a difficult period for the business which has faced a number of challenges and disruptions,” Mr. Hardy said in October.
A Look Back at Rivers’ History
Rivers was founded in 1979 and quickly made a name for itself in the Australian retail scene.
The company started out specialising in men’s footwear and later expanded into women’s shoes and apparel. In 1999, Rivers became one of the first Australian retailers to launch a website.
Over the years, the brand has continued to evolve, incorporating its sister brands and expanding into homeware and bedding.
What’s Next?
While it’s sad to see Rivers go, it’s also a reminder of the ever-changing retail landscape. As consumers, we have to adapt to the times and support the brands that we love.
If you’re a fan of Rivers, be sure to check out their stores before they close in April and grab some great deals on their remaining stock.