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.
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