Fast-fashion retailer Topshop Australia has entered voluntary administration, leaving employees across the country feeling shocked and uncertain about their future.
The company says it will be business as usual while administrators decide on the next steps, and has promised its 760 employees they will still be paid.
Australia’s arm of Topshop/Topman has nine stand-alone stores, another 17 inside Myer stores and an online store that was opened in March this year – a latecomer to the world of online shopping.
Voluntary administration is a measure that temporarily freezes a company’s financial position while an administrator attempts to work out a way to save the company or business. There are then three possible outcomes …
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