Sale of Topshop
25 August 2017
Ryan Eagle, James Stewart and Jim Sarantinos, partners of Ferrier Hodgson and Joint Administrators of Austradia Pty Ltd (trading as Topshop and Topman in Australia) have today announced a successful restructure of the Australian retail business. This has been achieved by the completion of a sale of certain assets to Top Shop / Top Man (Australia) Limited, an entity controlled by the Arcadia Group, a British multinational fashion retailer.
As a result of this transaction, four retail stores located at Gowings and Bondi Junction in Sydney, Emporium in Melbourne and Brisbane City will now be operated by the UK based retailer.
Joint Administrator, Ryan Eagle said: “The Administrators are delighted with the outcome of our discussions with Topshop / Topman as it finalises a successful restructure and rightsizing of the business in Australia. Throughout this process we have considered the optimal operational structure of the business, ensuring the brand will continue in the local market and to preserve a significant number of jobs within the business.”
A Topshop / Topman spokesperson said: “We are excited to operate directly in the Australian market and look forward to delivering unparalleled fashion to our customers. We are delighted to be offering more than 290 jobs within the Australian market at Topshop and Topman.”
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