External advisers at McGrathNicol were brought in by owner Anchorage Capital's legal representatives as early as April 2026 to evaluate internal numbers. Despite subsequent July discussions regarding a corporate turnaround with lender Hilco, David Jones pushed suppliers into extended payment terms or required steep discounts for expedited settlements. The business was transferred to voluntary administration following multiple late-October planning sessions, and it now operates under FTI Consulting as administrators attempt to delay the final creditors' gathering until April 2027 to find a buyer.
Key points
Unsecured creditors including small product suppliers and shoppers holding unused gift ca…: Unsecured creditors including small product suppliers and shoppers holding unused gift cards risk absorbing severe financial losses.
Administrators plan to request an extension for the second creditors' meeting until April…: Administrators plan to request an extension for the second creditors' meeting until April 2027 to negotiate a sale.
Retail leadership continued placing inventory orders while enforcing delayed payment sche…: Retail leadership continued placing inventory orders while enforcing delayed payment schedules and discount demands on vulnerable vendors.
Sources checked by our analysis pipeline: 1
David Jones’s administrators have revealed they reviewed its finances six months ago and discussed restructuring the retailer three months before it fell into administration.
The new timeline raises questions over the department store group’s decision to keep buying new products and fall months behind in payments to some brands before it revealed last Thursday it could not pay its debts.
The process could leave unsecured creditors with substantial losses, with unpaid product suppliers and shoppers holding unredeemed gift vouchers most at risk.
The McGrathNicol administrators invited David Jones’s creditors, which also include employees and landlords, to attend a 17 November meeting in its first circular on Tuesday.
McGrathNicol’s team said it had been engaged by the lawyers for David Jones’s owners, Anchorage Capital, as early as April 2026 to analyse some of the department store group’s financial information, though it said it did not directly advise the group or review its ability to pay debts.
By July, David Jones’s group director, Simon Woodhouse, and its biggest lender, Hilco, met McGrathNicol to discuss David Jones’s financial performance, “potential restructuring” and to…
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