Australia’s oldest department store has entered administration after talks with its landlords broke down, with David Jones currently operating three stores in South Australia.
The boards of David Jones and its owner, Anchorage Capital Partners, held a crisis meeting on Wednesday night.
This morning, the retailer appointed McGrathNicol as administrators and FTI Consulting as receivers. FTI will run the business until it is restructured and put up for sale.
Its more than 6000 staff across the company face an uncertain festive season, but physical and online stores will continue to trade while its owners aim to “reset the business”.
Westfield owner Scentre Group is David Jones’ biggest landlord, with 17 of David Jones’ remaining 38…