Australia’s oldest department store David Jones has gone into voluntary administration after talks with its landlords to slash the number of its stores failed on Thursday, putting thousands of jobs at risk.
What we know:
- Administrator McGrathNicol said David Jones’ stores would continue to operate while receiver FTI Consulting reviewed the company (BBC).
- But dozens of luxury brands, including Gucci, Scanlan Theodore and Yves Saint Laurent were found to have removed their stock from shelves following the announcement by the 188-year-old department store (SMH).
- “If you have a gift card, go now,” said Consumer Policy Research Centre chief executive Erin Turner. “You have a small window where you can guarantee you can use it” (