Rivers, the iconic Australian clothing and footwear brand, is set to close all 136 of its stores by mid-April, marking the end of its nearly 160-year history. The decision follows the parent company, Mosaic Brands, entering voluntary administration last October, resulting in approximately 650 job losses as part of the shutdown.
This closure is particularly notable as Rivers becomes the seventh brand under Mosaic to shut down since the company began its restructuring efforts. The list includes Rockmans, Autograph, Crossroads, W.Lane, BeMe, and, most recently, Katies. Sale events and promotions will run across all Rivers stores before they close, though the exact timing of each store's closure will depend largely on stock levels, according to the receivers.
David Hardy, partner at KPMG and one of the receivers managing the administration process, shared his sentiments about the closure. “Unfortunately, a sale of Rivers was not able to be achieved,” he stated. “This means the receivers have made the difficult decision to wind down this iconic Australian brand.” Hardy went on to express gratitude to both the employees who have dedicated their efforts during this challenging situation and loyal customers who have supported Rivers over the years.
The brand's roots trace back to 1863 when it started as The Paddles Operation, initially functioning out of the back of a property in Charlton. Rivers officially became its own brand in 1979, with the first retail store opening on George Street, Sydney, selling men's footwear starting from 1983. It offered affordable and durable footwear and clothing, developing a reputation as one of Australia’s most beloved retailers.
Rivers’ decline can be linked to the larger struggles faced by its parent company, Mosaic Brands, which has seen several of its brands grapple with financial difficulties over the past few years. The company attempted multiple restructuring strategies before determining voluntary administration was necessary. Hardy remarked on the difficult climate, wherein leads for formal buyouts failed to materialize, leaving the receivers with no choice but to close the entire operation.
Mosaic Brands, which appointed KPMG as receivers, is now also attempting to find buyers for its remaining operations, particularly the brands Millers and Noni B. The urgency to find reputable buyers reflects the precarious situation of the remaining retail operations, which also faced the ire of economic challenges heightened by shifting consumer preferences and intensified competition.
The fallout from Rivers' closure raises concerns not only for the workers directly affected but also for the brand's fan base, who have treasured the affordable options Rivers provided for decades. The employees affected by the closure will find themselves facing unemployment as they navigate the aftermath of the brand's collapse.
Rivers’ closure isn't just another store closing; it echoes across the Australian retail sector, hinting at the larger struggles many longtime brands are facing. Once celebrated for its sturdy footwear at competitive prices, the brand's final chapter has brought disappointment to both its steadfast customers and its resilient staff.
Even Rolling Stones frontman Mick Jagger has been known to don the brand occasionally, cementing Rivers' place not just within domestic retail but as part of Australian culture. The nostalgia connected to Rivers—one of the nation’s historic retailers—serves as a reminder of changes within the industry's dynamics and consumer behavior.
Despite the setbacks, the message from the receivers is one of gratitude toward both employees and customers, recognizing their contributions throughout this arduous process. “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,” Hardy reaffirmed, highlighting the human elements interwoven within this significant corporate narrative.
The legacy of Rivers as part of Australia's apparel and footwear genealogy will undeniably remain, but it also prompts reflective questions about how the retail marketplace evolves and reshapes, particularly for household names entwined with consumer identity. With the closing of Rivers, the future of the remaining Mosaic brands now hangs precariously as receivers initiate their search for buyers, grappling with the burden of keeping longstanding brands relevant amid fiscal challenges and changing shopping habits.