- Hundreds of shops have to be closed
- The retailer's parent company was unable to find a new buyer
Major clothing and shoe retailer Rivers is to close all its stores, with 650 jobs to go.
Administrators announced on Thursday that the company's 136 stores across Australia will close in April.
The move comes after parent company Mozaïek Brands was unable to find a new buyer.
The company went bankrupt last year and a number of other retailers also went bankrupt at the same time.
KPMG partner David Hardy, manager and curator of Mozaïek Brands, thanked the company and Rivers' employees for their commitment and hard work.
“Unfortunately a sale of Rivers could not be achieved,” Mr Hardy told NCA Newswire.
“This means the trustees have made the difficult decision to close down this iconic Australian brand.”
There's more to come.
