With diminishing sales and debt levels rising, Topshop Australia has gone into voluntary administration after being on the scene for almost six years.
The fashion retailer, which operates nine stand-alone stores, 17 Myer concessions and an online store in Australia, is under review amid amounting debts.
Administrator Ferrier Hodgson was appointed by the Board of Australia, the franchisee and independent owner of Australian Topshop Topman. British retail giant, Arcadia, owns Topshop Topman. They said they will be working with the brand to convert the business into a sustainable platform.
Topshop Australia currently employed 760 members of staff and has annual sales of approximately $90 million.
Topshop was one of the first international fashion retailers to set up shop in the Australian market, but the entry of competitors like Zara and H&M have turned the heat up on Topshop. Their increased competition and sales have left fast-fashion retailer Topshop behind.
Topshop isn’t the only store in the Australian market to face hardships with brands like Pumpkin Patch, Marcs, David Lawrence and Payless Shoes having faced similar outcomes earlier this year.
