Australian department store chain David Jones has entered voluntary administration amid rising costs, sluggish retail sales and pressure in supply chains. According to Daily Maverick, the company’s stores in Australia and New Zealand will continue operating under the supervision of appointed external administrators from FTI Consulting.
Sale or recapitalisation
McGrathNicol has been appointed as David Jones’ voluntary administrator. FTI Consulting and McGrathNicol said they would immediately begin seeking proposals for recapitalising the business or selling it as a going concern.
David Jones CEO Erica Berchtold said the retailer has…