The receivers and managers of Mosaic Brands have confirmed they will begin closing down the Rivers brand and stores. As a result, all remaining Rivers stores will close by mid-April 2025.
It follows a sale process that failed to attract a buyer for the Rivers business, despite the best efforts of all involved according to the receivers at KPMG. The axing of Rivers also follows the winding down of Mosaic's Katies brand in December last year. Mosaic also owns Noni B, Millers, Crossroads, Autograph, Rockmans, BeMe and W. Lane.
Alongside KPMG, FTI Consulting are the voluntary administrators of Mosaic Brands, which the group entered in October last year.
The Receivers are continuing to work on a transaction for the remaining brands in the Mosaic portfolio, including Millers and Noni B. According to a media report by The Australian, Mosaic Brands chairman Richard Facioni is the only bidder in the process.
KPMG partners David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth were appointed as receivers of the Mosaic Brands Group entities.
“Unfortunately, a sale of Rivers was not able to be achieved,” Hardy said, who is the turnaround and restructuring partner at KPMG. “This means the receivers have made the difficult decision to wind down this iconic Australian brand.
“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 will impact 136 Rivers stores and 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 ecommerce site while stocks last.
The history of Rivers dates back to 1863, where the company started as a shoe manufacturer and wholesaler as The Paddles Operation.
In 1960, the Paddle brothers operation was moved to Ballarat, and in 1979, the Rivers brand was officially born, formed in partnership with Diana Ferrari in Sebastopol and wholesaled to the likes of Grace Bros, Myer, David Jones and Betts.
The brand’s first retail store was opened on George Street in Sydney in 1983, and was then purchased by Specialty Fashion Group 30 years later after scaling to over 60 stores.
Rivers was then acquired by Noni B Holdings in 2018, which was later named Mosaic Brands.