Top Retail, which operates New Zealand’s two Topshop and Topman branded stores, was tipped into receivership on September 7 due to the prospect of mounting losses.
The Australian Topshop operations were placed into voluntary administration in May.
Conor McElhinney and Kare Johnstone of McGrathNicol said in a statement that “after conducting a detailed assessment of the business and following conclusion of a sale process for the business and assets in whole or in part”, the stores would close after October 1, but could close earlier if they run out of stock.
“It is with regret that we have had to inform staff today that the business is unable to continue trading and that Topshop and Topman will no longer have a presence in New Zealand from Sunday,” the receivers said.
“We would like to thank the directors of Top Retail for their support, which has enabled gift cards to be redeemed during the receivership trading period, and staff for their commitment since our appointment.”
Top Retail launched the popular UK brand in New Zealand in 2014, with Kiwi clothing firm Barkers, Christchurch property investor Philip Carter and fashion designer Karen Walker taking the rights to own, develop and operate the brand locally.
It opened a store on Auckland’s Queen St and one on Wellington’s Lambton Quay, and had signalled plans to add two more along with an online store later this year.
Topshop and Topman have been salvaged in Australia, with Sir Philip Green and his UK-based Arcadia Group stepping in to take over the business.
Administrators, Ferrier Hodgson, today made the announcement of the successful restructure of the fashion chains in Australia, which sees the sale of certain assets to Top Shop / Top Man (Australia) Limited, an entity controlled by the Arcadia Group.
Four retail stores located at Gowings and Bondi Junction in Sydney, Emporium in Melbourne and Brisbane City will now be operated by the UK based retailer.