As tipped by ChannelNews last night, David Jones has entered voluntary administration after last-minute rescue talks failed, leaving more than 6,000 employees facing uncertainty and suppliers awaiting details of their exposure.
The decision follows a Wednesday night board meeting and the breakdown of negotiations over rent relief and early exits from loss-making stores.
McGrathNicol has been appointed voluntary administrator, while secured lender Hilco Global has appointed FTI Consulting as receivers and managers. Physical stores and the online business will continue trading while receivers review operations.
The number of suppliers affected and the total amount owed to them have yet to be established.
Chief executive…