Australia’s 188-year-old department store chain David Jones has entered voluntary administration, with its stores continuing to operate as administrators begin seeking offers to recapitalise or sell the business.
The decision, announced on Thursday (November 5), follows mounting operating costs, weak retail sales and supply chain pressures. The retailer employs approximately 6,000 people across 38 stores in Australia and New Zealand.
FTI Consulting has been appointed as receiver and will oversee the company’s operations while reviewing the business. McGrathNicol has been named voluntary administrator and will manage the process of attracting potential investors or buyers.
In a joint statement, the two firms announced that they…