Clothing and shoes seller Rivers state it will certainly shut all 136 shops throughout the nation, as moms and dad firm Mosaic Brands trainers were incapable to locate a brand-new customer.
Mosaic Brands entered into management in 2015, with a variety of its various other retail chains going down with it at the time.
Receivers attempted to unsuccessfully to locate a customer, and revealed on Thursday that the shops will certainly shut from April with 650 individuals shedding their work.
The specific shops will certainly be shut down at various factors based upon supply degrees.
Rivers will certainly run sale occasions and promos in all shops and the receivers motivated consumers to see their regional shop or the eCommerce website while supplies last.
Mosaic’s receivers and supervisors are KPMG companions David Hardy said thanks to Mosaic and Rivers personnel for their steadfast job over the last couple of months.
“Unfortunately, a sale of Rivers was not able to be achieved,” Mr Hardy stated.
“This means the receivers have made the difficult decision to wind down this iconic Australian brand.”
The closure makes Rivers the 7th brand name in the Mosaic team to be axed complying with Rockmans, Autograph, Crossroads, W Lane and BeMe in September and Katies late in 2015.
KPMG state they are still wanting to offer the continuing to be Mosaic Brands consisting of Millers and Noni B.
When Mosaic Brands revealed it failed on October 28, it owed $249m to 171 financial institutions and a concealed total up to 300 employees. This number might have altered when KPMG experienced guides.
Rivers itself began back in 1863 as a footwear supplier and dealer as The Paddles Operation.
In 1960, the Paddles bros transferred to Ballarat prior to transforming the name to Rivers in 1979.
The brand name’s initial store was opened up on George Street in Sydney in 1983, and was after that acquired by Specialty Fashion Group three decades later on after scaling to over 60 shops.
