Along with its women's clothing counterpart Topshop and the rest of Arcadia Group, Topman went into administration in late 2020.

All high street stores subsequently closed and the brand was purchased by ASOS on 1 February 2021, relaunching as an online-only retailer.

[2] In 2001, Topman's brand director, David Shepherd, was considered to have "done a Ratner" when he referred to his core clientele as "Football hooligans or whatever" and said that "Very few of our customers have to wear suits to work.

[3] In May 2019, the BBC and The Wall Street Journal both reported that, after its parent company Arcadia Group filed for bankruptcy, Topshop would close all 11 of its U.S. stores, including Topman.

The company worked in collaboration with children from the charity to produce a range of sunglasses designed by them whilst supporting the 'Rock your Shades' campaign in May 2011.