David Jones’ lender Hilco Capital has hired insolvency firm McGrathNicol to advise on its position, a move suppliers fear could end with the 188-year-old department store in administration or receivership and Anchorage Capital Partners chalking up another high-profile retail failure.
According to sources Hilco, David Jones’ primary lender, has lined up McGrathNicol and law firm Clifford Chance to begin early-stage preparations for an insolvency. People briefed on the matter told the paper that Clifford Chance partner Mark Gillgren and a McGrathNicol team have already met landlords, asking for rent cuts or the closure of underperforming stores.
What suppliers fear is receivership especially for those who don’t have…