Topshop’s Australian stores thrown into voluntary administration

Popular British fast-fashion retailer Topshop has been placed into voluntary administration in Australia, the brand’s company has announced.

The move comes as the company tries to restructure its businesses presence across Australia, Administrator James Stewart said in an official statement from Ferrier Hodgson this afternoon.

“It will be business as usual as Administrators work with UK owners of the Topshop/Topman brand on supporting the business…to a stable platform going forward,” Mr Stewart said.

The fashion retailer has nine stand-alone stores and 17 concessions in Myer outlets across the nation, alongside an online business.

Mr Stewart said all of Topshop/Topman’s 760 Australian employees will continue to be paid.

Normal customer policies such as gift cards and product returns will continue during the Administration period, he added.

The brand’s national annual sales totalled about $90 million dollars since stores opened in 2011.

It comes as a number of fashion labels, including Marcs and David Lawrence, shut stores as a result of declining sales.