Is this the end for Topshop New Zealand? Top Retail Ltd said the Auckland and Wellington TOPSHOP stores have both been placed in receivership. The stores will continue to operate as usual until a decision has been made on the future ownership of the company. The company's directors said they are committed to working closely with all staff through the transition stage. They added that they have put their hearts and souls into the business and have the best locations and staff. No stoned will be unturned in trying to find a solution. Directors Mary Devine, Gary Hitchcock, Karen Walker and James Whiting ran the rule over the company's ability to keep trading in an environment of heightened competition after the Australian TOPSHOP operations were placed into voluntary administration over similar issues.
Conor McElhinney and Kare Johnstone from McGrath Nicols were appointed today as the receivers. The group of directors plan to work closely with the receivers to create the best result for the employees and the business. The receivers explained that it became apparent that the company was unable to continue to trade due to the losses being incurred and the directors therefore requested the secured lender appoint receivers to the company.
After launching the first TOPSHOP in Queen Street, Auckland in 2014, and Wellington's Lambton Quay soon after, the company had made plans to open another two stores and an online store later this year.