Mosaic Brands discontinued five signature brands in September and closed stores in attempt to steady finances

• Get our breaking news email, free app or daily news podcast

Mosaic Brands, the parent company behind Australian clothing brands Rivers, Millers and Katies, has entered voluntary administration.

The ASX-listed company which operates more than 700 stores and employs about 3,000 staff released a statement on Monday confirming its board’s decision.