Topshop/Topman goes into voluntary administration

Ferrier Hodgson have been appointed voluntary administrators of clothing retailer Topshop/Topman following rising debt levels.

The retailer has 760 employees and annual sales of approximately $90 million.

Administrator James Stewart told the Daily Telegraph the company would continue to trade as normal while he works closely with Topshop/Topman’s UK owners Arcadia Group to figure out next steps.

“It will be business as usual as the Administrators work closely with Arcadia Group (the UK owners of the Topshop/Topman brand) on supporting and right-sizing the Australian business to a sustainable platform going forward,” he said.

“Topshop/Topman is one of the world’s best known fast fashion retailers operating 9 stand-alone stores, 17 Myer concessions and an online business in Australia.”

"Employees at Topshop/Topman will continue to be paid by the Administrators and normal customer policies such as gift cards and product returns will be honoured during the Administration period."

Topshop and Topman are brands of British retailer Arcadia Group. Topshop/Topman is a separately owned and operated Australian franchise. 

Topshop launched in Australia in 2011 on Melbourne's Chapel Street.

Upon the launch of their Chatswood outlet, Topshop Australian chairman Hilton Selskin said the area was "in need of some excitement."