Topshop

<html><body>
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 <a href="https://www.urban.com.au/expert-insights/investing/40527-topshop-promises-retail-excitement-for-chatswood" target="_blank">"in need of some excitement."</a> 
</body></html>

jonathanchancellor-7SQnKwU6yx

Topshop/Topman goes into voluntary administration 

<html><body>
The franchises fee paid to Topshop UK by the local retail outlet, set up by a license agreement, may have triggered the downfall of the UK brand in Australia.
In the latest Money News segment on radio station 2GB, money commentator Ross Greenwood said the local licensee, Hilton Rescan, pays a fee to Topshop UK and buys goods from it which adds cost to consumers and the local operator.
"By contrast, Uniqlo and H&amp;M are owned by their global parents – there is no middleman  – costs are lower, and if they choose cheaper prices can be passed on," he said.
"But many Australian retailers are struggling to survive because they’re not set up that way."
Sean Sands, associate professor of ‎ACRS Research Unit, said the local outlets run their own infrastructure and own cost locally while picking from the Topshop UK product range.
Ferrier Hodgson were appointed voluntary administrators of Topshop/Topman.
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.
Topshop and Topman are brands of <a href="https://www.urban.com.au/news/70737-topshop-topman-goes-into-voluntary-administration" target="_blank">British retailer Arcadia Group</a>. Topshop/Topman is a separately owned and operated Australian franchise. 
</body></html>

j.ballantyne1990-6AQqhLzZaK

Topshop franchise fees may have triggered local downfall 

<html><body>
Arcadia, the UK based retail empire owned by Sir Philip Green and family, has become a casualty of the Covid-19 pandemic.
The business filed for bankruptcy in London.
Accounting firm Deloitte is handling administration.
Arcadia brands include Topshop/Topman, the best performer of the group, along with Miss Selfridge, Burton, Dorothy Perkins, Evans and Wallis.
Forbes has reported Arcadia's decline started long before the pandemic, and that it will not have an immediate effect on Green’s net worth. 
Forbes estimates he and his wife Christina Green to be worth $2.3 billion.
He was knighted by Prime Minister Tony Blair in 2006 for “services to retail.”
The British fashion chain Topshop Topman closed its last Australian store in mid-March, prior to lockdowns, nine years after its successful launch.
The Australian stores were described at the time as the brand’s “most successful franchise opening ever”.
</body></html>

Topshop

Editor's Picks

Have something to contribute?

Developments

New apartments

New townhouses

News

Topshop

Editor's Picks

Receive the latest news stories to your inbox

Have something to contribute?

Developments

New apartments

New townhouses

News