Topshop and Topman New Zealand announced today that they have been placed in receivership, citing mounting competition as the reason.

McGrathNicol’s Conor McElhinney and Kare Johnstone have been appointed receivers by the Auckland-based company’s secured lender at the request of directors, the receivers said in a statement.

Top Retail (the company that operates the license for the British brand in New Zealand) launched Topshop in New Zealand in 2014. Directors Karen Walker, Barkers, and Christchurch property investor Philip Carter own and operate the brand locally.

The company has stores on Auckland’s Queen St and Wellington’s Lambton Quay, as well as plans to open more stores and operate online later this year. They will continue to operate through the transition stage until the future of the company is decided, stating,

We have put our hearts and souls into this business, we have the best staff, great store locations, and the Directors have left no stone unturned in trying to find a solution. It is with regret that the directors had no alternative but to request the secured lender to appoint receivers. We will work closely with the receivers to ensure the best possible outcome for the business and employees.

The receivership is the latest in a line of retailers struggling when online rivals avoid the overhead of traditional high street sites.

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