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The Australian upscale department store operator saw its shares fall as much as 6.6 percent Wednesday.

On the back of the news of the company’s participated Topshop Australia is entering voluntary administration, the stock closed at 0.855 Australian dollars per share, its lowest since September, 25th 2015.

The company announced Wednesday that the British fashion retailer Topshop's franchisee, Austradia Pty Ltd, in which Myer holds a 20 percent stake, appointed voluntary administrators. This news nothing but contributes to the gloomy future that lies ahead for Australian retailers.

The poor trading turned into the stock’s largest intra-day fall since May 8 and dragged the retailer down to the top percentage losers on the ASX All Ordinaries Index. Furthermore, up to Wednesday's close, Myer Holdings’ shares have lost 33.7 percent of their value this year.

Recently, Myer posted a 3.3 percent decline in third-quarter sales, citing "challenging trading conditions" without specifying contribution from Topshop, reported Reuters.