Topshop placed into voluntary administration
British fast fashion retailer Topshop/Topman has been placed into voluntary administration in Australia due to mounting debts.
Administrator James Stewart of Ferrier Hodgson said in a media release yesterday that the company is considering its optimal operating structure.
But it will be business as usual, as administrators work closely with the brand’s UK owners to right-size the Australian business going forward.
The management team in Australia are also working closely with administrators to ensure the best possible outcome for the business.
“Topshop/Topman is one of the world’s best known fast fashion retailers operating 9 stand-alone stores, 17 Myer concessions and an online business in Australia,” Stewart said.
Indeed, the retailer only recently launched a local e-commerce presence, although Topshop/Topman was one of the first international brands to open stores in Australia.
Normal customer policies such as gift cards and product returns will continue during the administration period, and Stewart said employees will continue to be paid by the administrators.
Topshop/Topman has 760 employees and annual sales of approximately $90 million.
Topshop and Topman are the foundational brands of Arcadia Group Ltd, a British multinational fashion retailer.
The separately owned and operated Australian franchise, Topshop/Topman opened locally in 2011.
This story is still unfolding and will be updated as more information becomes available.