The news: Department store David Jones has been placed into voluntary administration.
McGrathNicol’s Jason Preston, Shaun Fraser, Jacinta Neilsen and Matthew Hutton have been appointed voluntary administrators for David Jones’ parent company ACP Riley Street Midco, effective immediately.
Christopher Hill, David McGrath and Joanne Dunne of FTI Consulting have been appointed receivers and managers.
The context: David Jones’ physical and online stores are continuing to trade under the control of the receivers, while they review the current operations.
The 188-year-old retailer has been facing collapse under private equity owner Anchorage Capital after years of losses and mounting debts.
What they said: “David Jones is an iconic company and so…