Rivers, the storied Australian footwear and apparel brand with roots dating back to 1863, is closing the doors of all 136 of its stores, leaving over 600 employees without work, according to ABC News. This decision follows an unsuccessful attempt to sell the business, signaling the end of an era for a brand that has long been a fixture in Australian retail.
The closure marks the latest setback for Mosaic Group, which has seen a dramatic collapse in recent years. After entering administration in October, Mosaic Group faced overwhelming financial challenges, owing creditors a massive $249 million. This has led to the closure of other well-known brands under its control, such as Katies, Rockmans, Crossroads, Autograph, W Lane, and BeMe
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Rivers’ history began in the 19th century, originally focusing on footwear production. By the late 1970s, the brand was supplying products to iconic Australian department stores like Grace Bros and David Jones. Its first standalone store opened in 1983 in Sydney, initially specializing in men’s shoes, before expanding to offer a broader range of clothing and accessories.
Over the years, ownership of Rivers changed hands multiple times. In 2013, it was acquired by Speciality Fashion Group, now City Chic. Then, in 2018, the struggling brand was bought by Noni B for $31 million in an effort to turn its fortunes around. However, after Noni B rebranded into Mosaic Group, Rivers’ decline continued.
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The final blow came when the economic impact of the COVID-19 pandemic wreaked havoc on the retail industry. Supply chain disruptions caused stock delays, severely hurting sales and profits during the crucial final quarter of the financial year. By the time Mosaic entered administration, its stock had plummeted to just 4 cents per share, down from a pre-pandemic valuation of $2 per share, leaving the company with a market capitalization of only $6.3 million.
