UPDATE: Topshop Australia shuts five underperforming stores

London - Five out of nine stand-alone Topshop stores in Australia are set to close their doors for good, in last-minute rescue bid to try and save the overseas franchise of the famed UK high street retailer.

Topshop Australia stores in Chatwoods and Miranda shopping centres in New South Wales, Highpoint in Melbourn and Perth have all closed down over the past two weeks according to a report from the Sydney Morning Herald. Another store set to close is Topshop Australia store on Chapel Street, in Melbourne's South Yarra - the first Topshop store to open down under in 2011.

The Chapel Street store is said to have featured signs reading "closing soon" and "final reductions" in its windows on Saturday and is predicted to close over the next few weeks.

The store closures come weeks after the Australian franchise of Topshop entered into voluntary administration. Topshop Australia had debts of close to 35 million AUD when it went into administrations on May 25. The fashion retailer shut down its dedicated e-commerce platform in Australia the same month, although customers can still shop via Topshop UK site, which offers free shipping over a certain spend.

Rescue talks between Topshop Australia's owners and Topshop owner Sir Philip Green are said to still be underway, although the situation remains dire. Department store group Myer holds a 20 percent stake in the Australian arm, as Topshop currently counts 17 concessions in its stores across the country.

FashionUnited has reached out to administrators Ferrier Hodgson for additional commentary.