David Jones closure threat puts 5,000 jobs at risk across 38 stores
Australia's 188-year-old department store David Jones is fighting financial collapse. Major brands and cash are drying up.
David Jones, Australia's oldest department store, is on the brink of collapse. The chain has lost luxury brands including Christian Dior, Gucci, and Chanel, and has struggled to pay some suppliers.
CEO Erica Berchtold, only appointed in June, is reviewing the store portfolio and negotiating with stakeholders on how the business can adapt to changing retail. Business experts warn the retailer cannot trade out of the crisis.
The core problem is cash flow. One analyst said even a strong Christmas would only delay the inevitable.
A university retail expert believes David Jones could survive, but only if it closes a significant number of stores and downgrades operations. The chain operates 38 outlets across Australia and New Zealand and is believed to employ more than 5,000 workers.
- 188
- Years in business
- More than 5,000
- Jobs at risk
- June (Erica Berchtold)
- CEO appointment
Why it mattersAn iconic Australian institution is at risk of extinction, and thousands of retail jobs hang in the balance as the company searches for a buyer.
AustraliaDavid Jones is embedded in Australian culture and towns; closures would devastate local retail employment and remove a familiar landmark from Australian shopping streets.
✓ Claims checked against the source. checked 4 d ago
