Australia's oldest department store David Jones collapses after 188 years
Summary
David Jones, Australia’s oldest department store chain, has entered voluntary administration after years of financial difficulties. Its stores and online business will keep operating while administrators and receivers review the company and consider a restructuring.Key Facts
- The 188-year-old retailer employs about 6,000 people and operates 38 physical stores.
- Seventeen David Jones stores are located in Westfield shopping centres.
- Westfield owner Scentre said David Jones had not paid its October rent and was in breach of its tenancy agreement.
- Administrators McGrathNicol said the stores and online business would continue operating during the review.
- FTI Consulting is reviewing the company as receiver.
- The company cited rising costs, an outdated store network, retail market conditions and supply chain challenges as factors behind its financial strain.
- David Jones has been known for luxury goods and its black-and-white houndstooth design.
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