Retail giant, Topshop Australia has announced, after six years in the country, that debt has forced the company into voluntary administration.
Topshop Australia said it will work with owners in the UK to create a sustainable future for the much-loved store.
“The Australian management team is working closely with the Administrators to ensure the best possible outcome for the business,” Administrator Ferrier Hodgson told the ABC.
“Topshop/Topman is one of the world’s best known fast fashion retailers operating nine stand-alone stores, 17 Myer concessions and an on-line business in Australia.”
Topshop currently employs 760 staff and has annual sales of approximately $90 million.
This article originally appeared on In Style.
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