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Australian fashion retailer Mosaic is closing one of its most iconic brands as receivers try desperately to save the company that's been on the brink of collapse for months.
All 136 remaining Rivers stores will shut down by mid-April, with 650 employees axed along with the brand.
Mosaic Brands said in December that the company would be winding back some of their retailers, including Rivers and Millers in an attempt to save them.
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Now, a month later Rivers will join Katies, Rockmans, Autograph, Crossroads, W Lane and BeMe in the retail graveyard of brands axed by the company.
"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," KPMG Receiver and Turnaround & Restructuring Partner David Hardy said.
"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".
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The timing of the stores' closures will depend on remaining stock levels, the receivers also said.
They are now working on securing a buyer for Millers and Noni B – the last brands remaining in the Mosaic Portfolio.
It comes as a combined 160 Katies, Millers and Rivers stores were closed in mid-January impacting 480 employees.
The retailer has closed hundreds of stores across nine brands since entering into receivership in October.
