A storied Australian department store chain is teetering on the brink of collapse on the eve of the all-important holiday season.
The boards of David Jones and its owner, Anchorage Capital Partners, are poised to announce a decision to enter voluntary administration on Thursday morning after talks with their landlords broke down.
The boards held a crisis meeting on Wednesday night.
Westfield owner Scentre Group is David Jones’ biggest landlord, with 17 of David Jones’ remaining 38 stores located in Westfield malls.
Rent had not been paid since September and the group was “in breach”, Scentre Group chief executive Elliott Rusanow said.
“We have made a generous offer to Anchorage Capital Partners that would have facilitated the continuation of…