NZ Topshop/Topman fails to find buyer, to close by weekend
With no buyers having emerged, it looks like New Zealand’s two Topshop/Topman stores have reached the end of the road and could close by Sunday with around 70 staff set to lose their jobs.
The closures follow the failure of the Australian operation earlier this year. And although that eventually resulted in Arcadia taking over the operation there, the majority of the chain’s stores were still closed down.
The New Zealand stores are in Auckland and Wellington and the closure comes only three weeks after receivers McGrathNichol took control.
The franchised stores had been owned by a group that included fashion designer Karen Walker and the Barkers menswear chain.
The brand launched in the country in 2014 with the first of the two stores opening in Auckland. The Wellington branch only debuted in November last year with its opening day seeing long queues and the company at the time talking about plans for more locations and a country-specific website.
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 be shut earlier if stock runs out.
"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.
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