Unpaid rent pushes David Jones into voluntary administration
Rent unpaid since September pushed the iconic retailer into voluntary administration on Thursday.
David Jones entered voluntary administration on Thursday after talks between landlords and owner Anchorage Capital Partners broke down. The retailer had not paid rent since September, breaking lease deals.
Scentre Group, which owns Westfield, is the biggest landlord with 17 of the chain's 38 remaining stores. Other stores sit in East Maitland and across NSW.
Anchorage bought the iconic chain for $100 million in 2023. Woolworths had paid $2.1 billion for it in 2014.
By September, the company had paid $45 million in rent. Landlords held $45 million in bank guarantees.
- 38
- Stores still operating
- $45 million
- Rent paid to September
- $100 million
- Purchase price in 2023
- 17
- Scentre Group stores
Why it mattersThe collapse affects thousands of jobs and landlord income across Australian shopping centres.
AustraliaThe chain has 38 remaining stores across Australia, mainly in Scentre Group malls, affecting employment and retail revenues.
Corroborated byperthnow.com.au·smh.com.au
✓ Claims checked against the source. checked 2 h ago
