Australian retailer David Jones has been placed in administration, putting jobs and stores at risk. Photo: Eleanor Wilson/AAP PHOTOS
Australian retailer David Jones has been placed in administration, raising questions about the future for its workforce and customers.
* WHAT DOES GOING INTO VOLUNTARY ADMINISTRATION MEAN?
Voluntary administration is a temporary pause and review mechanism, and provides a struggling company with immediate breathing room.
Professional service firm McGrathNicol has taken control of the business, allowing creditors to ultimately determine if it can be restructured and saved or closed down.
Hilco, the major secured creditor is owed more than $200 million and has appointed a receiver to protect its assets.
The first…