Mosaic Brands: KPMG to close Rivers clothing shops after failed sale process

More than 130 Rivers clothing stores will close across the country after a buyer could not be found for the collapsed business.

Rivers was owned by Mosaic Brands, which hit the wall in October.

KPMG and FTI Consulting had been shopping the ragtrader around to buyers but could not lock in a deal, and remaining stores will shut by mid-April. That will mean 650 job losses.

Mosaic also owns Millers and Noni B, and both remain on the market.

KPMG’s David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth were put into ASX-listed Mosaic as receivers on behalf of lenders Hilco. FTI was appointed by Mosaic’s board.

“Unfortunately, a sale of Rivers was not able to be achieved,” Mr Hardy said in a statement.

“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”.

It follows the closures of 160 stores across Mosaic’s crumbling empire in recent weeks following a decision in December.

About 480 jobs were set to be lost across, with all 80 Katies stores to be shuttered and a further 80 shops under the Millers, Rivers, and Noni B brands planned for closure.

Mosaic shares last changed hands at 3.6 cents each in July 2024.