The board initiated the collapse by placing the upscale department store chain into the hands of voluntary administrators from McGrathNicol on Thursday. Moments later, the company's primary financier introduced FTI Consulting as receivers to assume day-to-day operational control and run a restructuring process. While immediate store closures are anticipated under the dual appointment, the receivers intend to seek fresh capital to keep the core store network operating.
Key points
Dual management by administrators and receivers is projected to trigger immediate closure…: Dual management by administrators and receivers is projected to trigger immediate closures across the retail network.
Day-to-day business operations have been handed to FTI Consulting to execute a company re…: Day-to-day business operations have been handed to FTI Consulting to execute a company restructuring.
Receivers are actively looking for fresh capital in an attempt to salvage and operate the…: Receivers are actively looking for fresh capital in an attempt to salvage and operate the core store footprint.
Sources checked by our analysis pipeline: 1
Australia’s premier upmarket department store David Jones has collapsed into voluntary administration, putting thousands of jobs at risk and leaving the future of the 188-year-old retailer hanging in the balance.
The upheaval follows years of steep losses and underperforming stores that left the heritage retailer falling behind on rent, culminating in a breakdown of negotiations with its primary landlord, Westfield owner Scentre Group.
Staff were informed on Thursday that the David Jones board had appointed voluntary administrators from McGrathNicol, before the retailer’s main financier promptly installed FTI Consulting as receivers.
Under the dual appointment, FTI will take day-to-day control of operations, running the department store network while it restructures the business.
The process will almost certainly trigger immediate store closures, though receivers will try keep the core network open while hunting for fresh capital.
David Jones employs more than 6,000 staff across a network of 38 stores.
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