Published: Thu, May 25, 2017
Markets | By Noel Gibbs

Australia's Myer says local Topshop chain in administration

Australia's Myer says local Topshop chain in administration

Staff will also continue to be paid and gift cards will be honoured.

Topshop on Queens Street today.

'The problem was basically people not buying enough stuff, ' Mr Greenwood said.

Retailers in Australia have been under pressure from emerging digital competitors and weak market conditions.

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'Australia is still an expensive place to do business, ' Mr Ogden-Barnes said. The separately owned and operated Australian franchise, Topshop/Topman opened locally in 2011.

'Really they've struggled because a lot of retailers are struggling, ' he said.

In just the past week, Oroton - which operates the struggling GAP chain in Australia - has flagged an 85 per cent drop in full-year earnings, while the administrators of menswear chains Herringbone and Rhodes & Beckett have held a fire sale in a bid to save the clothing brands in Australia.

American Apparel recently closed its Australian stores, before shutting down shops and factories overseas.

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The Australian franchise of United Kingdom fast fashion brands Topshop and Topman has collapsed into voluntary administration.

In a regulatory filing, Myer said the local franchisee, Austradia Pty Ltd, appointed administrators, and that the two companies would work with Topshop's British parent, Arcadia Group, "to deliver the best outcomes for customers and other stakeholders".

Administrator Ferrier Hodgson said it will work with Arcadia Group, Topshop/Topman owners in the United Kingdom, to convert the Australian business into a sustainable platform going forward.

Topshop/Topman, which opened in Australia in 2011 to great excitement, has 760 employees and annual sales of approximately $90 million across nine stores, 17 Myer concessions and online.

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