Rivers was one of the first Australian retailers to start selling on the internet. So why has it failed?

In short:

Rivers clothing and footwear will close 136 of its stores by mid-April.

About 650 people will lose their jobs, as the collapse of Mosaic Group continues.

What’s next?

Fashion experts say while the news is troubling, there could still be some hope for the two remaining brands under Mosaic Group’s umbrella if the right steps are taken.

The brand’s 45-year history collapsed on Thursday, becoming the latest domino to fall in Australian fashion empire Mosaic Group’s portfolio after it went into administration in October last year.

The group collapsed owing creditors $249 million.

Rivers is the seventh brand to be axed as KPMG and FTI Consulting review the business.

In a statement, KPMG’s David Hardy said they had been unable to sell Rivers as planned.

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