David Jones posts record sales as receivers hunt a buyer for the collapsed
David Jones stores saw record foot traffic and sales after entering receivership. Administrators are looking for buyers. Trade creditors are waiting.
David Jones' collapse has not scared shoppers away. The 188-year-old retailer entered voluntary administration and receivership last week.
The retailer saw record foot traffic and sales. Customers rushed to buy clearance stock before Christmas.
Stores nationwide were packed over the weekend. Shoppers queued for discounted goods.
These included fashion, homewares, and collectible tumblers. The Sydney CBD flagship and the Chadstone location saw particularly heavy crowds.
Receivers FTI Consulting also ordered new replacement stock. However, the financial damage is severe.
Trade creditors are owed about $100 million. The company faces substantial outstanding debt.
Many small Australian suppliers were left out of pocket. Administrators McGrathNicol are running a campaign to find buyers.
- 188 years old
- Retailer age
- $100 million
- Trade creditors owed
- FTI Consulting
- Receiver
- McGrathNicol
- Administrator
Why it mattersStrong weekend sales could help the receivership maintain value. But David Jones' debt is large, and possible store closures add uncertainty.
AustraliaDavid Jones remains open for now and accepting gift cards at face value, but potential store closures could affect around 6,000 workers and remove an iconic Australian retailer from many communities.
✓ Claims checked against the source. checked 1 h ago
