Popular international retailer Topshop has announced the brand's placement into voluntary administration. But why are New Zealand stores dodging the bullet?
The fast-paced retail chain has gone into voluntary administration following the choice to restructure its businesses presence across Australia.
Topshop administrator James Stewart said in an official statement that business elsewhere will run as usual and all employees will continue to be paid throughout the restructure.
“It will be business as usual as administrators work with owners of the Topshop/Topman brand on supporting the business…to a stable platform going forward,” Stewart said.
The fashion retailer has nine stand-alone stores and 17 concessions in Myer outlets across the nation, alongside an online business.
So how will the New Zealand Topshop stores be affected by the restructure?
Only Australian stores are being restructured, New Zealand and other International stores will operate at usual.
Our New Zealand franchise stores are separate from the international ones. Topshop New Zealand has said in a statement that the situation did not have any effect on New Zealand business operations.
The brand which acts as an umbrella for 50 + other labels is owned by parent organisation Arcadia Group.
Topshop opened its first New Zealand store in Auckland’s CBD in March 2015, followed by the opening of its second store in Wellington, late 2016.
The Auckland opening was so anticipated the que to enter went far down Queen street.
The brand’s national annual sales totalled about $90 million dollars since stores opened in Australia 2011.