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Fashion Retailer Topshop 760 Jobs At Risk (Read 183 times)
whiteknight
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Fashion Retailer Topshop 760 Jobs At Risk
May 25th, 2017 at 6:56am
 
Topshop/Topman goes into voluntary administration putting 760 jobs at risk
The Daily Telegraph
May 24, 2017

FAST fashion retailer Topshop/Topman has been placed into voluntary administration due to rising debt levels, putting hundreds of jobs at risk.   Sad

Ferrier Hodgson have been appointed voluntary administrators of the retailer which employs 760 people and has annual sales of approximately $90 million.

Administrator James Stewart said the company would continue to trade as normal while he works closely with Topshop/Topman’s UK owners Arcadia Group to figure out next steps.

“It will be business as usual as the Administrators work closely with Arcadia Group (the UK owners of the Topshop/Topman brand) on supporting and right-sizing the Australian business to a sustainable platform going forward,” he said.

“Topshop/Topman is one of the world’s best known fast fashion retailers operating 9 stand-alone stores, 17 Myer concessions and an online business in Australia.”

Mr Stewart said employees at Topshop/Topman will continue to be paid by the Administrators and normal customer policies such as gift cards and product returns will be honoured during the Administration period.

Topshop and Topman are the foundation brands of Arcadia Group, a British multinational retailer. The separately owned and operated Australian franchise, Topshop/Topman opened locally in 2011.

Myer, Australia’s biggest department store, bought a 25 per cent stake in the Australian arm of the chain in 2015.

Myer’s recent financial results in May revealed that Topshop/Topman’s earnings had fallen by $3 million, generating a $600,000 loss for Myer.

The collapse of Topshop/Topman follows a tough time for the Australian retail sector, which has been hurt by falling consumer spending and low wage growth.   Sad

Within the past eight months, thousands of retail jobs have been lost or put at risk following the collapse of Marcs, David Lawrence, Herringbone, Rhodes & Beckett, Pumpkin Patch and Payless Shoes.   Sad
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bogarde73
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Re: Fashion Retailer Topshop 760 Jobs At Risk
Reply #1 - May 25th, 2017 at 7:15am
 
That's business crookie. It's a tough world out there and workers have to share the risk or not bother getting a job at all.
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Know the enemies of a civil society by their public behaviour, by their fraudulent claim to be liberal-progressive, by their propensity to lie and, above all, by their attachment to authoritarianism.
 
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Sir lastnail
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Re: Fashion Retailer Topshop 760 Jobs At Risk
Reply #2 - May 25th, 2017 at 10:14am
 
Retail is dying in Australia. Just wait till Amazon sets up here. Old Harvey will be crying in his boots !!
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In August 2021, Newcastle Coroner Karen Dilks recorded that Lisa Shaw had died “due to complications of an AstraZeneca COVID vaccination”.
 
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Grappler Truth Teller Feller
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Re: Fashion Retailer Topshop 760 Jobs At Risk
Reply #3 - May 25th, 2017 at 10:33am
 
And the middle order takes all the hits again - as usual - especially those from failed government policy on taxes on offshore corps and on lack of economic stimulation overall.... not to mention industrial relations and the rape of living incomes for the peasants - something guaranteed to cause a downturn in retail sales....

Which reminds me - the ex is complaining I need new shirts - says my good ones that I've had for six or so years are looking scruffy and are fit only for working around the house.... just got 'em broken in, too... then there's my favourite trousers - the ones with ball room unlike these Sri Lankan squeakers - she reckons the cuffs are frayed.... all I can see are a couple of thin threads..... now my shoes!!  Well - I can tell you - she reckons that hole in the sole is NOT a good sign of fair wear and tear...
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