Australian chain David Jones collapses after almost 200 years
Physical and online stores are continuing to trade while the search goes on for buyers or offers to recapitalise the business.
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"well-developed plan on how to reset the business for the future," acknowledging the challenges posed by rising costs, outdated retail footprint, and supply-chain issues.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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- Australia chain David Jones collapses after almost 200 years businesstimes.com.sg
- Australian Chain David Jones Collapses After Almost 200 Years bloomberg.com
