Value retailer Rivers has gone under the hammer for just $5 million.
Specialty Fashion Group (SFG) has acquired the unisex retailer's assets, which include 160 stores nationally.
The Group operates womenswear brands such as Millers and Katies, with over 900 stores across Australia and New Zealand.
SFG said it will leverage its seven million customers to drive its first unisex acquisition.
“Research shows that Rivers is the favourite footwear brand of Millers’ customers,” the company said.
“Almost 50 per cent of mens’ clothing purchases are made by women, giving the group a unique opportunity.”
It is understood Rivers staff will be offered employment under SFG.
The embattled Rivers brand has endured controversy in recent times, with sole director and owner Philip Harry Goodman plagued by sexual harassment complaints since 2011.
Rivers' supply chain was also placed under scrutiny during the recent Bangladesh manufacturing disaster.