The high street fashion retailer, Topshop, in Australia has entered voluntary administration, the Guardian has reported this morning.
It has been revealed that the retailers’ nine stand-alone stores, 17 Myer concessions and online business – which were all under review – has been placed in voluntary administration.
This move will risk the jobs of 760 employees as well as the annual sales of approximately $90m (Australian Dollars).
Topshop opened in Australia back in 2011 – shortly followed by GAP and ZARA.
Arcadia, who own Topshop here in the UK, have also faced some troubling times over recent years – including the controversy behind the fall of British Home Stores back in April 2016, which lead to the loss of 11,000 jobs and a pension sum of £517m.