Stock already being cleared as David Jones goes into administration

David Jones, a 188-year-old department store chain, has entered voluntary administration and receivership, raising concerns about the future of the iconic retailer. Gift cards held by customers are now being cleared in a rush to spend them before it's too late. Shoppers at the Highpoint Shopping Centre store in Melbourne's west expressed a mix of urgency and somberness as they sought to use their gift cards.

Retailers with gift cards, including David Jones, are being encouraged to spend them promptly to avoid potential losses. Consumer Policy Research Centre chief executive Erin Turner urged gift card holders to visit the store and use their cards before the situation becomes uncertain. While the company is still trading, its financial situation remains precarious, with receivers working on how to handle gift cards and rewards points.