The 188-year-old 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 recapitalization of the business or a sale as a going concern will commence immediately, and will be managed by McGrathNicol,” FTI Consulting and McGrathNicol said in a joint statement.
“We will manage this process carefully, mindful of the impact on some stakeholders but also recognizing the need for difficult…