The closure of Rivers, an iconic Australian retailer, marks the end of over 150 years of history as it shuts down all 136 of its stores nationwide.
On Thursday, KPMG, the receivers of the embattled company, announced the decision to wind down Rivers after failing to secure a buyer. "The closure of the Rivers brand will impact 136 Rivers stores and approximately 650 employees," said KPMG partner David Hardy, acknowledging the emotional toll this decision carries.
The winding down process will begin this April, with the exact timing of each store's closure dependent on how quickly inventory can be cleared. "Employees will be affected in phases, as store closures will depend on how quickly stock levels can be cleared," reported The Sydney Morning Herald, adding another layer of uncertainty for affected workers.
The Rivers brand is part of the much larger Mosaic Brands, which had been trying to refocus efforts on larger Rivers megastores following its entry to voluntary administration last year. Mosaic once boasted around 763 stores under various brands but struggled to find buyers, leading to this disappointing conclusion.
Founded as The Paddles Operation back in 1863, Rivers transitioned to its current name and opened its first retail outlet in Sydney in 1983. Hardy emphasized its historical significance: "This means the receivers have made the difficult decision to wind down this iconic Australian brand." Its legacy has evolved over decades steeped in culture and retail identity.
A series of significant sales are currently running across all Rivers stores, both online and offline, as the brand aims to clear its remaining stock. Loyal patrons are urged to take this final opportunity to pick up their favorite items as the store shelves are emptied. These promotions not only reflect the urgency of the situation but also serve as one last tribute to the classic brand customers have known and trusted for years.
The Rivers brand had deep roots across Australia, with stories like those from Ballarat, where the first Paddle Bros factory opened its doors soon after World War II. This historic site witnesses the growth of Rivers as it transformed from local manufacturing to becoming part of the national retail scene, even at one point employing 300 workers. The local community is understandably disheartened about the impending closure.
"The closure would leave these workers and their families and the whole Ballarat community devastated," union representatives stated, shedding light on the fallout within local communities associated with the brand.
While Rivers had previously attempted to branch out with plans for new developments and expansions, the impact of the COVID-19 pandemic was substantial and could not be ignored. Mosaic suffered from significant financial losses, pushing it to scale back operations and eventually leading to the winding down of its once-thriving Rivers brand.
The timeline of the closure may vary by location, but as the end approaches, the sentiment remains poignant. Customers and employees alike will find it hard to say goodbye to what was once a staple of Australian fashion culture.
Looking back, Rivers was cherished not just for its products but for the quality and values it stood for throughout the years. "Despite its closure, the brand will be fondly remembered by those who cherished its quality and value over the decades," reported The Australian, capturing the essence of what Rivers represented.
With the announcement made, the clock is ticking for customers to enjoy their last shopping experience at Rivers. Whether reminiscing about cherished purchases or simply enjoying great discounts, every visit to stores nationwide will feel extremely significant. Now is the time for loyal customers to make the most of this opportunity and acknowledge the end of an era.