Topshop Australia goes into voluntary administration

Topshop Australia has gone into voluntary administration after collapsing under debts.

Administrator James Stewart, of Ferrier Hodgson, said the fashion retailer will continue to trade as normal while it considered its ‘optimal operating structure.’

He said employees will be paid by the administrators and customer policies, including gift cards and product returns, will continue during the administration period.

‘It will be business as usual as the administrators work closely with Arcadia Group on supporting and right-sizing the Australian business to a sustainable platform going forward,’ he said.

‘The Austradia management team are working closely with the Administrators to ensure the best possible outcome for the business.’

Topshop and Topman has 760 employees and annual sales of approximately $960million in Australia after launching in 2011.

The fast fashion retailer operates nine standalone stores in Australia, as well as 17 concessions in Myer and an online business.

Its collapse into administration follows other major retailers in Australia this year, including  Marcs, David Lawrence and Herringbone.

Source: Topshop Australia goes into voluntary administration | Daily Mail Online