The Australian retail landscape is facing a seismic shift as the iconic clothing and footwear retailer Rivers announces the closure of all 136 stores across the country. This devastating news comes as a heavy blow to the industry and the workforce, with 650 employees set to lose their jobs. Rivers, a household name with a storied history dating back to 1863, has been unable to weather the storm of modern retail challenges, leaving many Australians nostalgic and concerned for the future of local brands.
Mosaic Brands, the parent company of Rivers, fell into administration last year, and despite concerted efforts, receivers were unable to secure a new buyer for the struggling retailer. The announcement made by KPMG partners and receiver David Hardy underlines the harsh reality of the retail sector’s volatility. ‘Unfortunately, a sale of Rivers was not able to be achieved,’ Mr Hardy stated, marking the end of an era for the ‘iconic Australian brand’.
The phased closure of Rivers stores will begin in April 2025, based on stock levels, with sale events and promotions running to clear out inventory. Customers are encouraged to take advantage of these sales both in-store and online while supplies last. The fall of Rivers is not an isolated incident; it joins a list of seven brands under the Mosaic umbrella that have been axed, including Rockmans, Autograph, Crossroads, W Lane, BeMe, and Katies.
For the remaining Mosaic Brands, such as Millers and Noni B, the search for buyers continues in hopes of preserving jobs and the legacy of these brands. The financial turmoil of Mosaic Brands is significant, with debts amounting to $249 million owed to 171 creditors and additional undisclosed sums to 300 workers.
The story of Rivers began as The Paddles Operation, a shoe manufacturer and wholesaler. It evolved over the years, relocating to Ballarat in 1960, rebranding to Rivers in 1979, and opening its first retail store in Sydney in 1983. The brand’s expansion to over 60 stores was a testament to its success before being acquired by the Specialty Fashion Group three decades later.
The closure of Rivers marks a significant loss for the retail industry and the many employees affected. How do you think businesses and communities can better support workers facing job losses like this? We’d love to hear your thoughts—share them in the comments below!
Also read: End of the road for Catch.com.au: What’s next for Aussie online retail?
