A major clothing and footwear retailer in Australia, Rivers, is set to shut down all 136 of its stores by mid-April, leading to a staggering 650 job losses. This decision comes after KPMG, the receivers managing the brand’s operations, were unable to find a buyer for the company despite their efforts. Rivers has been part of Mosaic Brands, which has faced tough times, leading to multiple closures over recent months.
What Happened?
The news of Rivers’ closure marks a significant moment in the Australian retail landscape. KPMG’s attempts to find a new owner for Rivers were unsuccessful. The brand has had a long history of serving customers with affordable clothing and shoes, but the current economic challenges have taken a toll on its operations. Since September, this marks the seventh brand closure under Mosaic Brands, which includes other well-known names like Autograph and Katies.
Impact on Employees
The closure of all Rivers stores will result in approximately 650 employees losing their jobs by mid-April. Many workers and their families are understandably worried about the future and what this means for their livelihoods. KPMG partner David Hardy expressed gratitude towards the staff at Rivers for their hard work during difficult times, highlighting the human aspect of this story amid the business news.
The Retail Landscape
The situation surrounding Rivers isn’t isolated. The retail sector in Australia has seen challenges with other brands struggling to keep their doors open. With the rapid changes in shopping habits and increasing online competition, many brick-and-mortar stores are facing difficulties that threaten their survival. Rivers’ closure serves as a reminder of the tough times many retailers are experiencing.
Efforts to Save Other Brands
While Rivers concludes its journey, KPMG is still on the lookout for buyers for the remaining Mosaic brands: Millers and Noni B. These brands are also facing uncertainties, and KPMG is making all efforts to secure a buyer to keep these stores operational. For now, the focus is on how these changes will affect employees, customers, and the retail market as a whole.
Next Steps for Affected Employees
For those who will be affected by the closure, there are support systems in place in Australia. Employees can look for assistance from local employment agencies, which often provide job training and placement services. Additionally, government resources may help find new opportunities in other sectors. It’s important to stay informed about potential job openings and available support.
In Summary
The news of Rivers closing all its stores is a reflection of the current struggles in the retail environment, raising questions about the future of shopping in Australia. With 650 jobs on the line, it showcases the human impact behind corporate decisions. As those affected begin to navigate these changes, the community’s support will be essential to help them transition and find new opportunities.