There's Some Really Really Bad News For Topshop
Australia’s version of Topshop has gone into administration.
It came as mounting losses, deserting customers and tough times for the fashion industry sent the business bust.
Topshop only opened in 2011 and was one of the first big European retailers to open in the UK, with Zara and H&M following their lead.
Topshop and Topman have 760 local employees and sales of $90 million. he nation’s biggest department store, Myer, bought a 25 per cent stake in the local arm of the chain in late 2015.
Adminstrator James Stewart said “Topshop/Top
zman is one of the world’s best known fast fashion retailers, operating nine stand-alone stores, 17 Myer concessions and an online business in Australia,’’
“Employees will continue to be paid by the administrators. Normal customer policies such as gift cards and product returns will continue during the administration period.”