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Topshop Australia closing underperforming stores in bid to save business

The administrators of fashion retailer Topshop Australia are closing five stores in a bid to try and save the business in the region.

Restructuring firm Ferrier Hodgson, appointed in May by the board of Australia, the Australian franchisee of Topshop Topman, said with store closure sales underway, stores in Miranda, Chatswood, Perth and Highpoint have closed, with Chapel Street set to close soon.

A spokesperson for Ferrier Hodgson said,"The priority for Administrators remains to develop an appropriate operating model and structure that will continue the Topshop/Topman brand in Australia. Remaining stores will continue to trade as business as usual as the Administrators continue their negotiations with the Arcadia Group."

The Topshop Topman brand is owned by the British retail giant Arcadia, while Australia is headed up by Rebel Sport's founder, Hilton Seskin. 
In 2011, Topshop was launched in the Australian fashion market but has been challenged by the presence of other fast fashion brands such as H&M and Uniqlo.

It revealed multi-channel expansion plans for the chain in China as part of its partnership with e-commerce giant, in December last year.


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