It's tough at the Top: Topshop and Topman franchise put into receivership

  • News
  • September 7, 2017
  • The Register team
It's tough at the Top: Topshop and Topman franchise put into receivership

Three years after its initial opening in New Zealand, the Topshop and Topman New Zealand franchise business has been put into receivership.

Top Retail Ltd is the company that operates the license for British fashion brands Topshop and Topman in New Zealand.

A statement from the directors of Top Retail Ltd expressed the company’s aim to try and find a solution to the situation.

“We have put our hearts and souls into this business, we have the best staff, great store locations, and the Directors have left no stone unturned in trying to find a solution. It is with regret that the directors had no alternative but to request the secured lender to appoint receivers. We will work closely with the receivers to ensure the best possible outcome for the business and employees."

Both Auckland’s Queen Street and Wellington’s Lambton Quay stores will be put into the hands of receivers on Thursday 7th September. Both stores will operate as usual until a decision is made by the receivers as to their future ownership.

Conor McElhinney and Kare Johnstone of McGrathNicol were appointed Receivers and Managers, and they now control of the business and assets of Top Retail Limited. 

The two receivers commented that the directors had undertaken a detailed assessment of the company’s ability to continue to trade against the backdrop of increasing competition and the Australian Topshop operations being placed into voluntary administration in May 2017 due to similar issues.

The directors included Mary Devine, Gary Hitchcock, Karen Walker and James Whiting. 

The plan to bring the British retail brand to New Zealand had been in talks for three years before it opened, with Kiwi designer Karen Walker and her husband Mikhail Gherman partnering with Barker's managing director Jamie Whiting and rich-lister Philip Carter to form Top Retail in 2014.

The company secured the rights to own, develop and operate the brand across New Zealand.

A spokesperson for Karen Walker said to The Herald that the Karen Walker group was a completely different entity to Top Retail and was unaffected.

It became apparent that the company was unable to continue to trade due to the losses being incurred and the Directors therefore requested the secured lender appoint receivers to the company.

In May of this year the chain was placed into voluntary administration due to an internal restructuring for its Australian stores.

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.

In the wake of the receivership Top Retail Ltd’s directors say they are committed to working closely with all local staff through this transition stage.

This is a community discussion forum. Comment is free but please respect our rules:

  1. Don’t be abusive or use sweary type words
  2. Don’t break the law: libel, slander and defamatory comments are forbidden
  3. Don’t resort to name-calling, mean-spiritedness, or slagging off
  4. Don’t pretend to be someone else.

If we find you doing these things, your comments will be edited without recourse and you may be asked to go away and reconsider your actions.
We respect the right to free speech and anonymous comments. Don’t abuse the privilege.

 

Aston Martin opens a new Auckland showroom

  • Design
  • September 14, 2017
  • Benjamin Mack
Aston Martin opens a new Auckland showroom

Aston Martin has officially unveiled its brand-new state-of-the-art Auckland showroom. And 007’s favourite car brand’s digs are enough to impress even the most suave secret agent, thanks to Warren and Mahoney.

Read more
 
 
 
 

How you can reduce your chances of being robbed

  • News
  • September 14, 2017
  • Sarah Dunn
How you can reduce your chances of being robbed

In the latest issue of NZ Retail magazine, we revealed that retailers are facing a spike in aggravated robberies. Police started to notice an escalation in April 2017, and they report that by May 31, aggravated robberies were up 87 percent on the previous year. They shared some tips on how retailers can make their stores safer.

Read more
 
topics
The future is bright
We spoke with four retailers in their twenties ...
Spotlight on signage
At first glance, the humble in-store sign might ...
Red Awards 2016
The Red Awards for retail interior design celebrate ...
Auckland Unitary Plan
Auckland is changing. The Unitary Plan will decide ...
Sisterhood
Women in retail help one another. We spoke ...
All things to all people
Kiwi retailers share their omnichannel strategies.
How to open a store
Sarah Dunn considers what it would take to ...
Rising stars
Retail's top young achievers.
Delivering on your promises
The sale isn't over until your item is ...
Retail in heartland New Zealand
Retailers keep the regions pumping, but how strong ...
The changing face of retail
Shifting demographics are creating big changes in New ...
The retail yearbook
With the help of experts in the retail ...
Retail rogues
We put the spotlight on staff training. Jai ...
Here come the giants
Topshop has arrived in Auckland’s CBD, David Jones ...
From retail to e-tail
Ecommerce has become part of the way mainstream ...
Loyalty in the digital age
How are retailers maintaining loyalty? Sarah Dunn, Elly ...
Window shopping: A spotlight on social media
Sarah Dunn and Elly Strang look at how ...
The Innovators | In partnership with Spark Business
Technology is rapidly changing the retail industry as ...
 
News

Dangerous goods

New Zealand retailers are facing a spike in aggravated assaults that’s traumatising staff, destroying premises and eroding profits. Should we be scared? And what can ...

 
 
News

What it takes to be a Top Shop finalist

Retail NZ’s Top Shop awards are about celebrating the success of New Zealand retailers. The finalists were announced across June and July, and will go ...

 
 
Next page
Results for
Topics
Jobs
About us.

The Register provides essential industry news and intelligence, updated daily. And the digital newsletter delivers the latest news to your inbox twice a week — for free!

©2009–2015 Tangible Media. All rights reserved.
Use of this site constitutes acceptance of our Privacy policy.

Advertise
The Register

editor@theregister.co.nz

Content marketing/advertising? Email marlene.coote@tangiblemedia.co.nz or call 09 358 7297 / 027 544 2298

View Media Kit

}