New Zealand's Topshop franchise owner put into receivership

Topshop's New Zealand franchise owner has been placed into receivership.

Top Retail Ltd operates the license for British fashion brands Topshop and Topman in New Zealand, with stores on Auckland's Queen Street and Wellington's Lambton.

"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," Top Retail's directors said on Thursday.

"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."

Top Retail Ltd's directors say they are committed to working closely with all local staff through this transition stage.

Both stores will operate as usual until a decision is made by the receivers as to their future ownership.

Newshub.

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