Australian Chain David Jones Collapses After Almost 200 Years
Australia’s oldest department store David Jones collapsed on Thursday, finally succumbing after almost 200 years to a digital era that sent shoppers to cheaper and nimbler online rivals.
Australia's oldest department store, David Jones, has collapsed after over 200 years in business as it was unable to compete with digital-era rivals. The retailer, founded in 1838 in Sydney by a Welsh immigrant, now faces liquidation following the appointment of voluntary administrators McGrathNicol and receivers FTI Consulting.
These companies are seeking buyers or offers to recapitalize the business, while David Jones' physical and online stores continue to operate. Private equity firm Anchorage Capital Partners acquired the company in 2023. CEO Erica Berchtold stated that the company had a "well-developed plan on how to reset the business for the future," acknowledging the challenges posed by rising costs, outdated retail footprint, and supply-chain issues. The retailer currently operates around 38 locations across Australia and New Zealand.
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- Australian chain David Jones collapses after almost 200 years straitstimes.com
