Topshop operator in negative equity after generating $4.1 mln of losses

Wed, 01 Nov 2017

By Paul McBeth Nov. 1 (BusinessDesk) - Top Retail, which operated the local Top Shop and Topman stores, was in negative equity after generating $4.1 million of losses in its three-year life in New Zealand. The first receivers' report by McGrathNichol's Conor McElhinney and Kare Johnstone show the retailer in negative equity of $2.9 million as at Sept. 7, the date of receivership, after accumulated losses since its launch in 2014 outstripped the $1.3 million of shareholder funds. The shareholders of the retailer included interests associa...

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