David Jones is on the brink of voluntary administration after negotiations with major landlord Scentre Group collapsed, raising the prospect of thousands of job losses and a major shake-up of Australia’s department store sector.
The 188-year-old retailer’s private equity owner, Anchorage Capital Partners, is expected to make a decision on the company’s future following an emergency board meeting, with administrators potentially appointed as early as tomorrow (Thursday).
The ABC reported that David Jones had not paid rent since September at its 17 Westfield locations, putting it in breach of its lease agreements.
Scentre chief executive Elliott Rusanow said the group had offered Anchorage a generous proposal that…