Topshop’s Australian arm has been placed into voluntary administration amid mounting debts, putting 760 jobs at risk.

The Topshop/Topman business launched in Australia back in 2011 under a separately owned and operated franchise.

But the future of its nine standalone stores, online business and 17 Myer concessions now hangs in the balance.

Administration process

Financial restructuring firm Ferrier Hodgson has been drafted in to handle the administration process, according to The Daly Telegraph Australia.

Ferrier Hodgson administrator James Stewart said the business would operate as normal while it consults with Arcadia about supporting and rightsizing the Australian chain.

Employees will be paid

Stewart added that employees will continue to be paid by administrators during the process.

Gift cards and product returns will both continue to be honoured.

Arcadia said it was “working with administrators to find a solution.”