David Jones enters voluntary administration as thousands of jobs face risk
Briefing by News4U · First published
The Guardian reported that Australia’s 188-year-old department store David Jones entered voluntary administration on Thursday after years of losses and a breakdown in rent talks with Westfield owner Scentre Group. Staff were told the board appointed McGrathNicol as voluntary administrators, and the main financier installed FTI Consulting as receivers to run day-to-day operations while restructuring. The chain employs more than 6,000 staff across 38 stores; receivers will try to keep core stores open while seeking capital, though closures are expected, especially at outer-suburban and regional malls. Owner Anchorage Capital Partners, which bought David Jones from Woolworths in 2023, has lost operational control; Scentre said rent had not been paid since September. [1]
Sources
- David Jones goes into administration, with store closures expected and thousands of jobs at risk
The Guardian · · Full text