Australian clothes and sneakers model identify Rivers will definitely shut down all 136 retailers by mid-April after it fell quick to find a purchaser. Some 650 work are anticipated to be shed from the collapse.
It adheres to mothers and pa agency Mosaic Brands getting in volunteer administration inOctober The closure makes Rivers the seventh model identify within the group to be closed, complying with within the footprints of Rockmans, Autograph, Crossroads, W.Lane and BeMe in September, adhered to by Katies in December.
The timing of personal store closures will definitely differ and depend on provide levels, with sale events and promos to run in all retailers.
RELATED
KPMG companions David Hardy, Gayle Dickerson, Ryan Eagle and Amanda Coneyworth have been chosen as receivers.
“Unfortunately, a sale of Rivers was not able to be achieved,” Hardy mentioned in a press release.
Have you latterly misplaced your job? Contact yahoo.finance.au@yahooinc.com
“This means the Receivers have made the troublesome determination to wind down this iconic Australian model.
“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.”
The background of Rivers return to 1863, starting because the Paddles Operation within the rear of a residential or business property in Charlton.
Rivers was developed in 1979, with the very first retailer opening on George Street in Sydney providing males’s sneakers in 1983.
Receivers are nonetheless trying to find clients for Mosaic’s persevering with to be model names Millers and Noni B.
Get the freshest Yahoo Finance data – observe us on Facebook, LinkedIn and Instagram.
