The iconic Australian footwear and clothing brand Rivers, which traces its legacy back to 1863, is set to shut down all 136 of its stores, leaving more than 600 employees without jobs, ABC news reported.
The announcement comes after a failed attempt to sell the business, marking the end of an era for the brand that has been a staple in Australian retail for nearly half a century.
The collapse of Rivers is the latest chapter in the unraveling of Mosaic Group’s once-vast fashion empire. Mosaic Group, which went into administration in October last year, owed creditors a staggering $249 million. The company’s financial turmoil has already seen the closure of other well-known retail brands under its umbrella, including Katies, Rockmans, Crossroads, Autograph, W Lane, and BeMe.
Rivers’ journey began over a century ago with the manufacturing of shoes. By 1979, the brand was supplying goods to major department stores like Grace Bros and David Jones. In 1983, Rivers opened its first standalone store in Sydney, catering to men’s footwear needs. Over time, the brand expanded its offerings to include a wide range of apparel.
The brand’s ownership changed hands multiple times in recent decades. Speciality Fashion Group, now known as City Chic, acquired Rivers in 2013. Five years later, in 2018, Noni B purchased the struggling brand for $31 million, with hopes of revitalizing its fortunes. However, Noni B’s subsequent rebranding into Mosaic Group couldn’t halt Rivers’ decline.
According to Financial Review, Mosaic Group itself fell victim to the economic disruptions caused by the Covid-19 pandemic. Supply chain challenges led to delays in receiving stock, severely impacting sales and earnings during the critical fourth quarter of the past financial year. By the time Mosaic went into administration, its shares had plummeted to just 4 cents, with a market capitalization of $6.3 million—a far cry from the $2-per-share valuation it enjoyed before the pandemic.
