Clothing and footwear brand Rivers will close its 136 stores after receivers for parent company Mosaic failed to secure a buyer for the embattled company.

The outlets will close permanently in mid-April and leave roughly 650 workers without jobs.

“Unfortunately, a sale of Rivers was not able to be achieved,” partner at receiver KPMG David Hardy said.

“This means the receivers have made the difficult decision to wind down this iconic Australian brand.

“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 brand.”

The closure of individual stores would depend on stock levels and sell-through.

Rivers began in 1863 as a shoe manufacturer and wholesaler called the Paddles Operation, founded by Joe Paddle and his sons.

The Paddles moved the business to Ballarat in 1960, before it formed Rivers in 1979 in partnership with shoemaker Diana Ferrari, wholesaling to department stores such as Grace Bros, Myer and David Jones.

Rivers opened its first retail store on George Street, Sydney in 1983.

Rivers was bought by Specialty Fashion Group in 2013 and was later sold to Mosaic in 2018.

Mosaic, which owned brands including Katies, Millers and Noni B, went into voluntary administration in October 2024, with KPMG partners and FTI Consulting appointed as respective receivers and administrators.

The KPMG partners are still looking for suitors to buy Mosaic’s remaining brands.