A storied Australian department store chain is teetering on the brink of collapse on the eve of the all-important holiday season.
The boards of David Jones and its owner, Anchorage Capital Partners, are poised to announce a decision to enter voluntary administration on Thursday morning after talks with their landlords broke down.
The boards held a crisis meeting on Wednesday night.
Westfield owner Scentre Group is David Jones’ biggest landlord, with 17 of David Jones’ remaining 38 stores located in Westfield malls.