Major clothing and footwear retailer Rivers will close down all of its stores with 650 jobs to be axed.
Receivers announced on Thursday that the company’s 136 stores across will shut down in mid April.
The move comes after its parent company Mosaic Brands were unable to find a new buyer.
The company went into administration last year and several of its other retailers also went under at the same time.
KPMG partner David Hardy, who is the receiver and manager of Mosaic Brands, thanked the company and staff at Rivers for their efforts and hard work.
‘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 n brand.’
Rivers is now the seventh brand in the Mosaic group to be axed after brands including Rockmans, Autograph, Crossroads, W Lane and Be Ma were scrapped in September 2024.
Katies was also axed by the company in December last year.
KPMG said they are still considering avenues to sell the remaining brands that belong to Mosaic including Rivers and Naomi B.
It is understood Rivers stores will close down at different times depending on the level of stock available.
Rivers stores are also set to hold sales and promotions for shoppers in a bid to clear stock.
The retailer has been selling discounted clothing and footwear products for men and women for nearly 45 years.
Rivers also sells clothing accessories from top brands including Adidas and Puma.
Daily Mail has contacted Mosaic Brands for further comment.
More to come.