Australia’s oldest department store chain, David Jones, has been placed into voluntary administration.
It will continue operating while receivers view the operations and decide next steps.
DJs, was established in 1838 in central Sydney by Welsh merchant David Jones, and describes itself as the world’s oldest continuously operating department store.
The administration move followed months of speculation on the retainer’s future off the back of rising costs, sluggish retail sales and supply chain pressures.
David Jones stores will continue to operate under the control of FTI Consulting, the appointed receivers, while the firm reviews current operations.
McGrathNicol has been appointed as voluntary administrators.
“A transaction process…