Topshop looking to restructure Australian business
24 May 2017
Austradia Pty Ltd (trading as ‘Topshop/Topman’) one of Australia’s best known fast fashion retailers, was placed into Voluntary Administration today.
Ferrier Hodgson partners James Stewart, Jim Sarantinos, and Ryan Eagle were appointed Voluntary Administrators by the company’s board of directors.
Administrator James Stewart said the company had considered its optimal operating structure. It will be business as usual as the Administrators work closely with Arcadia Group (the UK owners of the Topshop/Topman brand) on supporting and right-sizing the Australian business to a sustainable platform going forward.
The Austradia management team are working closely with the Administrators to ensure the best possible outcome for the business.
Mr Stewart said “Topshop/Topman is one of the world’s best known fast fashion retailers operating 9 stand-alone stores, 17 Myer concessions and an on-line business in Australia”.
Mr Stewart said that employees will continue to be paid by the Administrators.
Normal customer policies such as gift cards and product returns will continue during the Administration period.
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.
Please refer to the following website for updates throughout the Administration.
Please direct all media enquiries to:
Newgate Communications Pty Limited
Mobile: 0405 818 801
DD: (07) 3009 9001