UK parent steps in to salvage Topshop in Australia
Topshop and Topman have been salvaged in Australia, with Sir Philip Green and his UK-based Arcadia Group stepping in to take over the business.
Administrators, Ferrier Hodgson, today made the announcement of the successful restructure of the fashion chains in Australia, which sees the sale of certain assets to Top Shop / Top Man (Australia) Limited, an entity controlled by the Arcadia Group.
Four retail stores located at Gowings and Bondi Junction in Sydney, Emporium in Melbourne and Brisbane City will now be operated by the UK based retailer.
“The Administrators are delighted with the outcome of our discussions with Topshop/Topman as it finalises a successful restructure and right-sizing of the business in Australia,” said Ryan Eagle, joint administrator alongside Ferrier Hodgson partners James Stewart and Jim Sarantinos.
“Throughout this process we have considered the optimal operational structure of the business, ensuring the brand will continue in the local market and to preserve a significant number of jobs within the business”
A Topshop/Topman spokesperson said the company is “excited to operate directly in the Australian market and look forward to delivering unparalleled fashion to our customers”.
“We are delighted to be offering more than 290 jobs within the Australian market at Topshop and Topman.”
More to come…