David Jones Faces Administration Crisis

What happened

The outlets' own sentences, most widely reported first. Hover or tap one to see who reported it.

Analysis

How it changed

1. 2 Nov

   South Africa's Woolworths Holdings bought David Jones for about $2.1billion in 2014 before completing the reported $100million sale of its operating business to Anchorage Capital Partners in 2023.

   2 outlets · Daily Mail
2. 3 Nov

   Thousands of David Jones workers could lose their jobs amid speculation the retailer could be put into administration as early as this week if it cannot reach an agreement to close some of its 38 stores and receive rent concessions to help it survive.

   2 outlets · Sydney Morning Herald
3. 4 Nov

   Scentre CEO Elliott Rusanow said David Jones had not paid rent since September and was "therefore in breach".

   3 outlets · ABC News (Australia)

Coverage 12 articles

• 5 Nov Australia's oldest department store David Jones collapses after 188 yearsDavid Jones, Australia’s oldest department store chain founded 188 years ago, has entered voluntary administration due to financial struggles and declining customer visits as shopping habits shift towards online platforms. The company employs around 6,000 staff across its 38 physical stores, with 17 located in Westfield centers. Despite the challenges, CEO Erica Berthold stated that David Jones has a plan to reset…BBC
• 4 Nov David Jones goes into administration, with store closures expected and thousands of jobs at riskDavid Jones, Australia’s premier upmarket department store, has entered voluntary administration due to years of financial losses and underperformance, putting thousands of jobs at risk. The retailer owes rent to its primary landlord, Scentre Group, leading to a breakdown in negotiations. As a result, the company appointed administrators from McGrathNicol, followed by FTI Consulting as receivers who will manage…The Guardian
• 4 Nov Breaking: Retailer's future in doubt as David Jones calls in administratorsDavid Jones, an Australian department store founded 188 years ago, has been placed into receivership after failing to reach a deal with its major landlord Westfield regarding rental payments. This development leaves the future of David Jones uncertain and affects both employees and suppliers like fashion brands. The company now plans to reduce its number of stores from the current total of 38 sites.ABC News (AU)
• 4 Nov David Jones collapses, store closures expected before ChristmasDavid Jones, an 188-year-old Australian department store chain, has entered administration and receivership following the failure of negotiations between private equity owners and major landlord Scentre Group regarding rent and store closures. Administrators from McGrathNicol and receivers from FTI Consulting have been appointed to manage the company until it can be restructured or sold. FTI is expected to announce…Sydney Morning Herald
• 4 Nov David Jones is on shaky ground. Here's what consumers should knowRetailer David Jones faces potential voluntary administration due to rent arrears and financial struggles. Consumer policy expert Erin Turner advises customers to use any gift cards immediately, as holding onto them could lead to significant losses if the company enters liquidation, with gift card holders classified as unsecured creditors who may recover only a fraction of their value or nothing at all. Professor…ABC News (AU)
• 4 Nov David Jones failed to pay rent for Westfield stores, landlord saysWestfield's parent company has accused David Jones of breaching their tenancy agreement by not paying rent for Westfield stores in the previous month. This accusation comes at a time when David Jones is reportedly close to entering administration due to ongoing financial difficulties.Sydney Morning Herald
• 4 Nov David Jones expected to fall into administration after failed 11th hour talks with biggest landlordDavid Jones, the 188-year-old Australian department store chain, is set to enter administration following failed negotiations with its primary landlord, Scentre Group, over unpaid rent since September. The talks between private equity owner Anchorage Capital Partners and Scentre broke down despite a generous offer from the landlord to facilitate David Jones’s continued trading. With two-thirds of its stores…The Guardian
• 4 Nov David Jones on brink of collapse and behind on rent to WestfieldAustralian retailer David Jones is facing imminent collapse due to non-payment of rent since September, according to Westfield owner Scentre Group. The three-person board may decide within 24 hours whether to put the 188-year-old company into administration. Scentre noted that David Jones occupies space in 17 Westfield locations and has provided $45 million in bank guarantees for its stores, with Scentre's share…ABC News (AU)
• 4 Nov It’s minutes to midnight: David Jones has run out of survival optionsDavid Jones, an 188-year-old Australian department store chain, is set to enter voluntary administration as its board meets today to manage financial difficulties exacerbated by the cost-of-living crisis and online retail competition. The company's major lender, Hilco Capital, will appoint a receiver to restructure and potentially sell the business, which could lead to significant store closures and job losses. This…Sydney Morning Herald
• 4 Nov On the edge: David Jones stopped paying rent on major storesDavid Jones has stopped paying rent to its major landlord, Scentre Group, since September as negotiations to avoid financial collapse have stalled. Scentre confirmed that David Jones paid rent until September 30 and holds $30 million in bank guarantees from Anchorage Capital Partners, which can cover eight months of unpaid rent. Hilco Capital provided additional funding for David Jones to manage through the crucial…Sydney Morning Herald

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