Wed, 31 May 2017 | ADMINISTRATION
Topshop Australia has gone into voluntary administration, putting a total of 760 jobs under review.
The UK-based retailer, launched in Australia in 2011, has nine stand-alone stores, 17 Myer concessions and an online business that generates annual sales of approximately $90m.
A restructuring firm has been appointed, and administrator James Stewart has said the company will be considering “its optimal operating structure” with all parts of the business to be reviewed, although it was unclear how long this process would take.
Topshop, owned by the British retail giant Arcadia, was one of the first international fast-fashion brands to launch into the Australian market, and was quickly followed by others including Zara and H&M. This influx of outside brands has been partly blamed for turbulence in the sector, with some claiming it pushed out a number of local brands who have since closed stores or suffered insolvency.
Arcadia has been under fire recently in the UK. In March, embattled boss Sir Philip Green, the head of the UK fashion group, agreed to invest up to £50m per year into the company pension fund.
Arcadia were the previous owner of BHS stores, which went into administration in April 2016 and was consequently involved in a high-profile UK parliamentary investigation.
Find a retail business in administration
Subscribe to Business Sale Report here
This business provides a full range of consultancy services to the construction and utility sectors. Civil Engineering & Environmental Consultancy in the Water Industry.
LEASEHOLD
Provides a diverse range of sanitation products, including handwashing and sanitisation stations, alongside rotational moulding services and portable toilet and welfare facility hire.
LEASEHOLD
Traditional home care agency which has been trading successfully since 2010 when it was established by our client.
LEASEHOLD
09
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
09
|
Apr
|
Gestamp’s former Washington warehouse hits the market in £6.5m auction | COMMERCIAL PROPERTY
The former Washington base of international car parts manufa...
08
|
Apr
|
Decorating contractor targets acquisitions after MBO | MBO/MBI
Scottish commercial decorating contractor Bell Group has com...
Sign up to receive our acquisition alert emails to get your FREE guide
09
|
Apr
|
Topshop flagship store up for sale | COMMERCIAL PROPERTY
Topshop's flagship Oxford Street store in London is dra...
22
|
Mar
|
Arcadia Group head office assets put up for auction | BUSINESS SALE
Property from the head office of retail group Arcadia has be...
08
|
Feb
|
Boohoo acquires remaining Arcadia brands for £25m | BUSINESS SALE
Online fashion retailer Boohoo has acquired the former Arcad...
Business Sale Report is your complete solution to finding great acquisition opportunities.
Join today to receive:
All this and much more, including the latest M&A news and exclusive resources