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Is This the End of the Penny?
- Hundreds of stores to be shut down
- The retailers parent company were unable to find a new buyer
Major clothing and footwear retailer Rivers will close down all of its stores with 650 jobs to go.
Receivers announced on Thursday that the company’s 136 stores across Australia will close in April.
The move comes after its parent company Mosaic Brands were unable to find a new buyer.
The company went into administration last year and several of its other retailers also went under at the same time.
KPMG partner David Hardy, who is the receiver for Mosaic Brands, thanked the company and staff at Rivers for their efforts and hard work.
‘Unfortunately, a sale of Rivers was not able to be achieved,’ Mr Hardy told NCA Newswire.
‘This means the receivers have made the difficult decision to wind down this iconic Australian brand.’
Rivers is now the seventh brand in the Mosaic group to be axed after brands including Rockmans, Autograph, Crossroads, W Lane and Be Ma were scrapped in September.
Major clothing and footwear retailer Rivers will close down all of its stores with 650 jobs to go
Katies was also axed by the company late last year.
KPMG said they are still considering avenues to sell the remaining brands that belong to Mosaic including Rivers and Naomi B.
More to come.
