Storied Australian department store chain David Jones has collapsed into administration after a series of crisis meetings between its landlords and venture capital owner.
The boards of David Jones and owner Anchorage Capital Partners will place the group into voluntary administration on Thursday after talks broke down.
An official statement confirming the appointment of McGrathNicol is expected to be released shortly.
Westfield owner Scentre Group is David Jones’ biggest landlord with 17 of the retailers’ remaining 38 stores in the shopping centre giant’s malls.
Rent had not been paid since September, leaving the retailer in breach, Scentre Group chief executive Elliott Rusanow said on Wednesday.
The company had paid AU$45 million (NZ$56…