David Jones, Australia’s 188-year-old department store chain, entered voluntary administration on Thursday, as rising costs, sluggish retail sales and supply chain pressures weighed on its business. The retailer joins other Australian firms that have restructured, cut jobs or closed as they struggle with the impact of high fuel costs and a slowing economy.
David Jones stores will continue to operate under the control of FTI Consulting, the appointed receivers, while the firm reviews its operations. McGrathNicol has been appointed as voluntary administrators.
“A transaction process seeking offers for a recapitalisation of the business or a sale as a going concern will commence immediately, and will be managed by…