Topshop Australia launches fire sale after collapse
Topshop Australia has launched fire sales in its stores with even the latest winter clothes marked down after the retailer collapsed under mounting debts.
The fast fashion brand announced it was going into voluntary administration last month, but insisted it would trade as normal during the administration period.
But just weeks later, Topshop stores have launched fire sales – with even the newest garments priced down by 50 per cent.
On Thursday, Topshop’s Instagram page announced website appeared to have gone down, with a note to customers saying: ‘We’ll be back soon.’
Topshop Australia has launched fire sales in its stores with even the latest winter clothes marked down after the retailer collapsed under mounting debts. File photo
Topshop Australia’s Instagram page announced a 50 per cent off in-store sale on Thursday
An email address was listed for customers with enquiries about existing orders.
Administrator Ferrier Hodgson said Topshop would continue to trade as normal while it considered its ‘optimal operating structure’ last month.
Partner James Stewart said employees will be paid by the administrators during the process.
He also said that customer policies, including gift cards and product returns, would continue during the administration period.
‘It will be business as usual as the administrators work closely with Arcadia Group on supporting and right-sizing the Australian business to a sustainable platform going forward,’ he said in May.
The Topshop Australia website appears to have gone down, with an email address for customers to contact about existing orders
The fast fashion brand announced it was going into voluntary administration last month, but insisted it would trade as normal during the administration period. File photo
‘The Austradia management team are working closely with the Administrators to ensure the best possible outcome for the business.’
Topshop and Topman has 760 employees and annual sales of approximately $960million in Australia after launching in the country in 2011.
The retailer operates nine standalone stores in Australia, as well as 17 concessions in Myer and an online business.
Myer invested a 25 per cent stake in the Australian Topshop and Topman franchises as part of a $600 million plan.
Topshop’s collapse into administration follows other major retailers in Australia this year, including Marcs, David Lawrence and Herringbone.
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