The company operating Topshop's Australian stores has been placed in voluntary administration. In 2011 the separately owned and operated Australian franchise of the brand launched its first store at a flagship location on Melbourne's Chapel Street.
However, Arcadia Group is likely to maintain a concession agreement with Myer, which opened 17 TOPSHOP and 17 TOPMAN concessions in Myer stores after buying a 25 per cent stake in Austradia in September 2015.
Topshop, which first landed on our shores in 2011, announced the news today, citing mounting debts as the reason for the shock collapse.
Administrator James Stewart says he will work closely with Arcadia Group, the United Kingdom owners of the Topshop/Topman brand, to "ensure the best possible outcome" for the business.
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".
Customers look at clothes on display on the first day of trading at the Topshop Sydney store in 2012
'Really they've struggled because a lot of retailers are struggling, ' he said.
American Apparel recently closed its Australian stores, before shutting down shops and factories overseas.
Topshop and Topman now employees around 760 staff within Australia, with sales standing at approximately $960 million.
Topshop was one of the first worldwide fast fashion brands to arrive in Australia but has faced increasing competition from the likes of Zara and H&M in recent years.
"With the increasing competition on the Australian apparel market, established domestic brands and overseas entrants are vying for market share against a backdrop of weak consumer spending", Ms Kurnik said.More news: Microsoft champions latest Surface Pro laptop
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