Retail chain Rivers to shut down following collapse of Mosaic Brands

Rivers is the latest once-famous retail brand to be killed off following the collapse of its owner Mosaic Brands, with all 136 Rivers stores set to close with the loss of around 650 jobs.

Fashion chain Rivers will be closed down with the loss of 650 jobs.

The collapse of retailer Mosaic Brands has claimed another victim, with receivers to the failed business announcing the complete closure of its Rivers fashion brand, after failing to find a buyer for the chain whose history stretches back to 1863.

Rivers, which once worn by Australian sporting legends such as Ron Barassi, David Hookes, Peter Brock and Max Walker, will close down by mid-April with the loss of around 650 jobs.

It follows stablemate Katies as another high-profile fashion brand placed in the corporate graveyard in the wake of Mosaic’s demise.

Bought by Specialty Fashion Group for the knockdown price of $3.9m in 2014, Rivers proved a headache for its new owners from day one – with staffing issues; heavy discounting to clear unwanted stock; and a cost blowout that not only gutted profits but triggered heavy losses.

Rivers, along with Autograph, Crossroads, Katies and Millers, was bought by Noni B seven years ago which then became the Mosaic Brands umbrella, which in November last year collapsed with debts of almost $250m.

On Thursday, the receivers and managers of Mosaic Brands announced the closure of the Rivers brand and stores.

“Despite the best efforts of the Mosaic Brands Group team, the receivers (KPMG) and voluntary administrators (FTI Consulting), a sale of the Rivers business has not been achieved.

“As a consequence, all remaining Rivers stores will close by mid-April 2025,” it said in a statement.

The receivers are continuing to work on a transaction for the remaining brands in the Mosaic portfolio, including Millers and Noni B.

“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 and restructuring partner, David Hardy said.

“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 closure of the Rivers brand and its 136 stores will affect approximately 650 employees. The timing of individual store closures will vary and be largely dependent on stock levels and sell through. Sale events and promotions will be run in all stores and the receivers encourage customers to visit their local store or the e-commerce site while stocks last.

In December, Mosaic Brands receivers commenced a store consolidation program to impact approximately 160 stores and 500 jobs across the group’s portfolio with the Katies brand also to be wound down. All 80 Katies stores and an additional 80 stores across the Millers, Rivers, and Noni B brands will close by mid-January 2025, it was announced at the time.

Originally published as Retail chain Rivers to shut down following collapse of Mosaic Brands