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Green considers rescue bid for Topshop Australia

Arcadia owner Sir Philip Green is reportedly considering a rescue bid for Topshop/Topman Australia, after its franchise partner collapsed into insolvency earlier this week.

The Arcadia business is in talks with administrators Ferrier Hodgson over the chain’s options, which could see it take ownership of the business, according to The Telegraph.

Topshop/Topman Australia was placed into administration earlier this week, due to rising debt levels, putting 760 jobs at risk, with the company’s nine stores, 17 concessions and online business continuing to trade while talks are ongoing.

An Arcadia spokesman said at the time that the business is “working with administrators to find a solution”.

Myer, Australia’s biggest department store, bought a 25% stake in the Australian arm of the chain in 2015.

Myer’s recent financial results in May revealed that Topshop’s earnings had fallen by $3m (£1.7m), generating a $600,000 (£346,128) loss for Myer.

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