Australian retailer Rivers is set to shut down after receivers revealed they had been unable to find a buyer for the business.
A renowned clothing and shoe retailer in Australia is set to shut its doors for good after receivers announced on Thursday they had not been able to fund a buyer for the iconic brand.
KPMG Receiver and Turnaround & Restructuring Partner David Hardy announced on Thursday the sale of Rivers was unsuccessful. "Unfortunately, a sale of Rivers was not able to be achieved...this means the Receivers have made the difficult decision to wind down this iconic Australian brand," Mr Hardy said.
“The appointment of external administrators follows what has been a difficult period for the business which has faced a number of challenges and disruptions,” Mr Hardy said in communications to the company's creditors and suppliers in October.A Millers retail store seen in a shopping centre in Sydney. Picture: NCA NewsWire / Steven Saphore
Fail Retailer Administration Recievership Mosaic Brands Buyer
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