The Rivers chain has occupied its premises on Belmore Street for over 16 years opening in December 2008, replacing Permewans True Value Hardware.
The clothing and footwear retailer will close all 136 stores across the country after a buyer was unable to be found for the chain which will result in 650 people losing their jobs.
Parent company ASX-listed Mosaic Brands went into administration last year, with a number of its other retail chains going down with it at the time.
Mosaic’s receivers and managers are KPMG partners David Hardy thanked Mosaic and Rivers staff for their tireless work over the last few months.
“Unfortunately, a sale of Rivers was not able to be achieved,” Mr Hardy said.
“This means the receivers have made the difficult decision to wind down this iconic Australian brand.”
Mosaic had attempted several changes, including discontinuing five of its brands in September 2024 to focus on Millers, Noni B, Rivers, Katies and an online marketplace.
Rivers itself started way back in 1863 as a shoe manufacturer and wholesaler as The Paddles Operation.
In 1960, the Paddles brothers moved to Ballarat before changing the name to Rivers in 1979.
The brand’s first retail store was opened on George Street in Sydney in 1983, and was then purchased by Specialty Fashion Group 30 years later after scaling to over 60 stores.
The Yarrawonga store is expected to stay open for at least four weeks, maybe longer according to staff.
Rivers will run sale events and promotions in all stores and the receivers encouraged customers to visit their local store or the eCommerce site while stocks last.
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