Iconic Australian apparel brand Rivers to shut down
Rivers, an Australian clothing and footwear brand established in 1863, is shutting down all 136 stores. This decision follows a failed attempt to sell the business, resulting in over 600 redundancies.
Transaction snapshot
Deal value: N/A
Deal multiples: N/A
Deal type: Business closure following failed sale attempt
Investors: Mosaic Brands
Rivers, owned by ASX-listed Mosaic Brands, entered administration in October 2024. KPMG and FTI Consulting, appointed as administrators, had attempted to sell Mosaic’s brands. However, Rivers’ sale was unsuccessful, prompting the closure.
In December, administrators also announced the closure of Mosaic’s 80 Katies stores. This leaves only the Noni B and Millers chains under the Mosaic umbrella.
KPMG partner David Hardy expressed gratitude to Rivers’ employees and loyal customers, stating: “Unfortunately, a sale of Rivers was not able to be achieved. This means the receivers have made the difficult decision to wind down this iconic Australian brand.”
Rivers began by manufacturing shoes over a century ago and expanded to selling goods to department stores such as Grace Bros and David Jones in 1979. Its first retail store opened in Sydney in 1983.
The brand changed hands several times, purchased by Speciality Fashion Group (now City Chic) in 2013 and later sold to Noni B (now Mosaic Brands) for $31 million in 2018.
Mosaic collapsed in 2024 with debts of $249 million. Its shares, once trading above $2, fell to just 4¢, with a market capitalisation of $6.3 million. Supply chain disruptions further impacted earnings and sales in the fourth quarter of the previous financial year.
Rivers’ closure marks the end of one of Australia’s oldest fashion brands, as Mosaic Brands continues to restructure its portfolio.
