The franchisee running Topshop and Topman in Australia has gone into voluntary administration, the latest clothing outlet to be hit by the retail crunch.
Austradia Pty Limited appointed administrators Ferrier Hodgson. Department store chain Myer has a 20% interest in Austradia.
Topshop and Topman has nine stand-alone stores, 17 Myer concessions, 760 employees and annual sales of $90 million.
All the stores will trade as normal and the staff will continue to be paid. Gift cars will be honoured.
Retailers in Australia have been under pressure from emerging digital competitors and weak market conditions.
In February, fashion labels Marcs and David Lawrence went in to voluntary administration, the latest in a string of players going into administration, including Payless Shoes, Pumkin Patch, Howards Storage World and Dick Smith stores, which closed last year.
The post Christmas sales, including end of year and Boxing Day sales, have been disappointing. Myer, in its half year results, said sales were subdued during the stocktake due to widespread “discount fatigue” among consumers.
Administrator James Stewart says he will work closely with Arcadia Group, the UK owners of the Topshop/Topman brand, to “ensure the best possible outcome” for the business.
“Topshop/Topman is one of the world’s best known fast fashion retailers,” says Stewart.
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