Its Auckland and Wellington stores would operate as usual until a decision was made on the future ownership of the company.
The directors said they were committed to working closely with staff through the transition stage.
"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," they said.
McGrathNicol's Conor McElhinney and Kare Johnstone were yesterday appointed receivers by the Auckland-based company's secured lender at the request of directors, the receivers said.
Directors Mary Devine, Gary Hitchcock, Karen Walker and James Whiting ran the rule over the business' ability to keep trading in an environment of heightened competition after the Australian Topshop operation was placed into voluntary administration over similar issues.
"It became apparent that the company was unable to continue to trade due to the losses being incurred and the directors therefore requested the secured lender appoint receivers to the company," the receivers said.
Topshop and Topman join a long list of clothing retailers to hit troubled times in New Zealand in the last couple of years.
This May shoe retailer Banks Group, which runs 14 stores across the country under the brands Shoe Connection and Banks Shoes, was tipped into receivership. High-end clothing retailer David Lawrence, which also owns Marcs, was placed into voluntary administration in February and all New Zealand stores shut down. The Australian arm of the business continues to operate.
Shirt and suit tailor Nicholas Jermyn was placed into liquidation in September last year and the business wound down. Valley Girl was also placed into liquidation last year, with the company now insolvent.
One of the biggest names in New Zealand retail, Pumpkin Patch, was liquidated in March with all stores closed and hundreds of jobs lost. The company was purchased by an Australian buyer and is relaunching as an online retailer.
The plan to bring the British retail brand to New Zealand had been in talks for three years before it opened, with Kiwi designer Karen Walker and her husband Mikhail Gherman partnering with Barker's managing director Jamie Whiting and rich-lister Philip Carter to form Top Retail in 2014.
The company secured the rights to own, develop and operate the brand across New Zealand.
A spokesperson for Karen Walker said the Karen Walker group was a completely different entity to Top Retail and was unaffected.
"The investment in Top Retail was an independent and private investment by Karen, as a shareholder," she said.
First Retail managing director Chris Wilkinson said it was "sad but not surprising", given the product coming into Australasia had not been performing well elsewhere.
"You could not have picked more experienced partners in Karen Walker, Barker's and Carter Group, but even with their knowledge and drive the simple fact is that consumers in the target demographics failed to embrace the products," he said.
"The stores had short honeymoons with consumers, but failed to achieve the momentum required to sustain the large sites and infrastructure required to keep these profitable.
"We know the brand is successful, but Australasia was being sent product that was left from the previous European season - in many cases lines that didn't work there.
"In all likelihood that would have been beyond the control of the owners, so they were put in a very difficult position."
