Major Australian retailer David Jones folds after 188 years in operation
David Jones, Australia's oldest department store, has entered voluntary administration after years of financial struggle. The retailer plans to continue operations while receivers review the business to address debt and changing consumer habits.
Why it matters
The collapse of a major retail icon highlights the broader decline of traditional department store models in the face of online shopping and rising costs.
Image source, Getty Image caption, Australia's oldest department store, David Jones, has gone into voluntary administration
David Jones, Australia's oldest department store chain, has gone into voluntary administration, putting thousands of jobs at risk.
It comes after years of financial struggles for the 188-year-old retailer - known locally as DJs - as customers desert traditional shops for online shopping.
David Jones's physical and online stores will continue to operate while receivers FTI Consulting review the company, said voluntary administrators McGrathNicol.
"David Jones is an iconic company and so many Australians have stories and memories of visiting DJ's stores," said its CEO Erica Berthold, adding the brand has a "well-developed plan" to "reset the business for the future".
Berthold thanked "customers, our team members and our partners for their continued support of David Jones through this period".
Also covering this story
7 other newsrooms covered this event. We read each version separately.
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