Mosaic’s Rivers brand, along with its stores, will close by mid-April after a sale of the business could not be achieved.
The receivers and managers of Mosaic Brands Group announced the closure of the apparel brand on Thursday.
The shutdown will impact 136 Rivers stores and approximately 650 employees. Sale events and promotions will be run in all stores, and the timing of individual store closures will depend on stock levels.
“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,” said David Hardy, receiver and KPMG turnaround & restructuring partner.
This follows the winding down of the Katies brand and its 80 stores, along with 80 stores across the Millers, Rivers, and Noni B brands, resulting from Mosaic’s collapse last October.
The receivers are continuing to work on a transaction for the remaining brands in the Mosaic portfolio, including Millers and Noni B.