May 25, 2017
Sir Philip Green in bid to rescue Australian Topshop
Retail tycoon Sir Philip Green is to mount a rescue bid for the Australian arm of Topshop, after the fashion chain's local franchise partner slipped into insolvency. Which operates the Topshop franchise, has called in administrators to "Restructure" Topshop's Australian operations, Myer said. International expansion has been a priority for Topshop since 2012, when Sir Philip sold a 25 per cent stake in the chain to Los Angeles-based private equity fund Leonard Green. The Australian bailout would mark the first major deal for Sir Philip since February, when the billionaire paid £363m to the insolvent pension fund of department store chain BHS. The contribution, which improved the retirement incomes of former workers, was a bid to end the bitter recriminations that followed the British retailer's collapse, 13 months after Sir Philip sold it for £1. Aside from his involvement in Topshop, he is chairman of Next Athleisure, an Australian sports retailer that last year sold an 80 per cent stake to JD Sports.
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