End of an era: Iconic clothing chain to shut down
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Retail closures are always a stark reminder of the challenges businesses face in an ever-changing economic landscape.
Behind the scenes of one major Australian retailer, efforts to secure its future came to a sudden and unexpected halt.
What unfolded next marked the end of an era for a brand many have known and loved for decades.
Australian clothing and footwear brand Rivers was announced to be winding up.
All 136 stores across the nation were set to close, leaving approximately 650 employees without jobs after receivers and managers for its parent company, Mosaic Brands Group, failed to secure a buyer.
The closure of all Rivers stores was expected by mid-April, although the timing of individual closures was said to depend on stock levels and sell-through rates.
‘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 stated.
KPMG revealed that sale events and promotions would take place in Rivers stores as part of the wind-down process.
The closure of Rivers marked the seventh brand under Mosaic to face closure, following the earlier shutdown of Rockmans, Autograph, W.Lane, Crossroads, BeMe, and Katies.
By mid-January, all 80 Katies stores had been shut, and late 2024 announcements detailed plans to close several Millers, Noni B, and Rivers locations during the same period as part of a consolidation strategy.
KPMG reported that it was continuing efforts to find buyers for other brands within the Mosaic portfolio, such as Millers and Noni B.
Mosaic Brands, which entered administration with reported debts of $249 million, had earlier appointed KPMG to work alongside administrators FTI Consulting.
According to KPMG, the decision to close stores stemmed from a review of Katies and the broader retail network that identified several ‘loss-making’ locations.
‘The receivers would like to thank the Mosaic and Rivers employees who have all worked tirelessly during this difficult period, as well as Rivers’s loyal customer base who have continued to support the brands,’ David Hardy said.
The challenges facing Australia’s retail and hospitality sectors have been hitting hard, with yet another iconic venue forced to close its doors.
‘We couldn’t hold on any longer,’ said the owners of Australia’s first women’s sports bar, marking a heartbreaking end to what many saw as a groundbreaking establishment.
Read the full story here.
Do you think the retail landscape can recover, or are we witnessing a permanent shift in how Australians shop? Share your thoughts in the comments below!
Behind the scenes of one major Australian retailer, efforts to secure its future came to a sudden and unexpected halt.
What unfolded next marked the end of an era for a brand many have known and loved for decades.
Australian clothing and footwear brand Rivers was announced to be winding up.
All 136 stores across the nation were set to close, leaving approximately 650 employees without jobs after receivers and managers for its parent company, Mosaic Brands Group, failed to secure a buyer.
The closure of all Rivers stores was expected by mid-April, although the timing of individual closures was said to depend on stock levels and sell-through rates.
‘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 stated.
KPMG revealed that sale events and promotions would take place in Rivers stores as part of the wind-down process.
The closure of Rivers marked the seventh brand under Mosaic to face closure, following the earlier shutdown of Rockmans, Autograph, W.Lane, Crossroads, BeMe, and Katies.
By mid-January, all 80 Katies stores had been shut, and late 2024 announcements detailed plans to close several Millers, Noni B, and Rivers locations during the same period as part of a consolidation strategy.
KPMG reported that it was continuing efforts to find buyers for other brands within the Mosaic portfolio, such as Millers and Noni B.
Mosaic Brands, which entered administration with reported debts of $249 million, had earlier appointed KPMG to work alongside administrators FTI Consulting.
According to KPMG, the decision to close stores stemmed from a review of Katies and the broader retail network that identified several ‘loss-making’ locations.
‘The receivers would like to thank the Mosaic and Rivers employees who have all worked tirelessly during this difficult period, as well as Rivers’s loyal customer base who have continued to support the brands,’ David Hardy said.
The challenges facing Australia’s retail and hospitality sectors have been hitting hard, with yet another iconic venue forced to close its doors.
‘We couldn’t hold on any longer,’ said the owners of Australia’s first women’s sports bar, marking a heartbreaking end to what many saw as a groundbreaking establishment.
Read the full story here.
Do you think the retail landscape can recover, or are we witnessing a permanent shift in how Australians shop? Share your thoughts in the comments below!
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