Stewart said the employees will continue to be paid by administrators.
Insolvency firm Ferrier Hodgson said Topshop's stores would remain open while its administrators worked with Topshop and the brand's British owners to "resize" the business "to a sustainable platform".
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Mr Seskin, who secured the local franchise from the Arcadia Group in 2011, had been in talks with Sir Philip about restructuring the Australian operations over the last few months.
Earnings for Topshop in Myer stores were down $3.2 million in May. They have been losing money inside Myer, so eventually they have called in the voluntary administrators, ' Mr Greenwood said.
Retailers in Australia have been under pressure from emerging digital competitors and weak market conditions.
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The move, just six years after Topshop launched in Australia, reflects the tough trading conditions facing the country's bricks-and-mortar retailers amid intense competition from "fast fashion" chains like H & M Hennes & Mauritz AB and online giants such as Amazon.com Inc.
Interestingly, global retail rivals Zara, Uniqlo and H&M all reported growth in sales in 2016.
Topshop and Topman has 760 employees and annual sales of approximately $960million in Australia after launching in 2011.
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"While TOPSHOP and TOPMAN's quirky apparel appeals to a younger demographic, its more premium offering and subsequent higher-end price positioning - for a fast-fashion brand - makes it less accessible to this demographic than H&M, for example, which has more of a diversified range at lower price points", she said.