Topshop’s New Zealand business has slumped into receivership, just months after its Australian arm was placed into voluntary administration.
The retailer’s Kiwi operation is run by a separate franchise, Top Retail Limited, which operates two stores in Wellington and Auckland.
Both shops will remain open until a final decision is made on their ownership.
The Topshop stores launched just two years ago, attracting long queues of shoppers on opening day, but both locations have struggled to gain a foothold in the market.
Its higher price point and British stock that has proved less popular with New Zealand consumers have dented its success in the country.
Growing competition from digital rivals has also driven shoppers elsewhere.
Similar dynamics sparked the downfall of Topshop’s franchise-run Australian division, which was placed into voluntary administration in May.
But the fashion retailer is re-launching wholly-owned stores in Australia after Topshop owner Arcadia put together a rescue deal to save stores in Brisbane, Melbourne and two in Sydney.
A Topshop/Topman spokesman said at the time: “We are excited to operate directly in the Australian market and look forward to delivering unparalleled fashion to our customers.
“We are delighted to be offering 290 jobs within the Australian market at Topshop and Topman.”