David Jones enters voluntary administration as lender appoints receivers
Australian department store chain David Jones has entered voluntary administration following months of financial instability and failed negotiations with landlords. Receivers have been appointed to manage the company's assets, including its remaining New Zealand operations.
Why it matters
The collapse of a major retail icon highlights the ongoing struggles of traditional brick-and-mortar department stores in a challenging economic climate.
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David Jones' remaining New Zealand store is in Westfield Newmarket, Auckland. Photo / Westfield
Australian department store chain David Jones has been tipped into voluntary administration following months of speculation about an impending collapse.
Staff were informed this morning that its board voted to appoint Jason Preston, Shaun Fraser, Jacinta Nielsen and Matthew Hutton of McGrathNicol as voluntary administrators.
British distressed lending specialist Hilo Global, which has acted as David Jones’ main financier, appointed Christopher Hill, David McGrath and Joanne Dunn of FTI Consulting as receivers and managers.
David Jones chief executive Erica Berchtold said the company had a plan to reset.
Also covering this story
7 other newsrooms covered this event. We read each version separately.
Major Australian retailer David Jones folds after 188 years in operation
Australia's oldest department store David Jones collapses after 188 years
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Iconic department store closures expected before Christmas
Australian retailer David Jones collapses after landlord talks fail
David Jones on brink of collapse and behind on rent to Westfield stores
David Jones expected to enter voluntary liquidation after landlord talks collapse, Australian media report
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