Austradia Pty Ltd (trading as ‘Topshop/Topman’) one of Australia’s best known fast fashion retailers, has been placed into voluntary administration.
Ferrier Hodgson partners James Stewart, Jim Sarantinos, and Ryan Eagle were appointed by the company’s board of directors.
Administrator James Stewart said the company had considered its optimal operating structure.
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.
The Austradia management team are working closely with the administrators to ensure the best possible outcome for the business.
Stewart said the employees will continue to be paid by administrators.
“Topshop/Topman is one of the world’s best known fast fashion retailers operating 9 stand-alone stores, 17 Myer concessions and an on-line business in Australia."
Normal customer policies such as gift cards and product returns will continue during the administration period.
Topshop/Topman has 760 employees and annual sales of approximately $90 million.
Topshop and Topman are the foundational brands of Arcadia Group Ltd, a British multinational fashion retailer. The separately owned and operated Australian franchise, Topshop/Topman opened locally in 2011.