David Jones enters administration after 188 years trading
David Jones, Australia's oldest department store, has entered voluntary administration. The retailer fell behind on rent and faced rising costs.
David Jones is now in voluntary administration and receivership. Three receivers from FTI Consulting are in control.
The retailer fell behind on rent. The retailer faced high interest rates, supply chain costs, and tough competition.
It has 6000 workers. Receivers told staff wages and benefits will continue to be paid.
They generally expect enough money will be made to pay all workers in full. Customers have flocked to its 37 Australian stores to show support.
The business will likely be restructured through a sale or recapitalisation. Some stores may close.
Creditors' meetings begin mid-November.
- 188
- Years operating
- 6000
- Retail workers
- 37
- Australian stores
- FTI Consulting
- Receivers
Why it mattersOne of Australia's most well-known retailers is failing. This shows how even historic brands struggle when profit margins shrink and rents spike.
Australia6000 Australian retail jobs at risk; the potential loss of an iconic national brand; landlords and suppliers facing major losses.
✓ Claims checked against the source. checked 4 h ago
