SYDNEY, Nov 5 (Reuters) – Australia’s 188-year-old department store chain, David Jones, was placed into voluntary administration on Thursday after negotiations with landlord Scentre Group over outstanding rental payments broke down, media reported.
Employees were informed the retailer’s lenders had appointed McGrathNicol as administrators and FTI Consulting as receivers, the Sydney Morning Herald reported. They will run the business while it is restructured and prepared for sale.
David Jones CEO Erica Berchtold is expected to address the retailer’s roughly 6,000 employees across its 38 stores in Australia and New Zealand on Thursday morning, the report added.
David Jones and FTI Consulting did not…