The collapse of the retailer was initiated after a breakdown in discussions between the company and landlords, specifically Scentre Group, which operates Westfield malls in Australia and New Zealand, despite reports that it had offered a lifeline.
David Jones had been hoping to restructure into an upmarket retailer with just 12 key stores, however landlord sources told The Australian that the company’s proposals were roundly rejected by at least two major property groups aside from Scentre.
The company’s board voted to appoint voluntary administrators from McGrathNicol, who have been approached for comment.
Voluntary administration involves an external administrator being put in charge to review and rearrange the business and its…