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David Jones administration puts 6,000 jobs at risk as stores trade on
Australian department store David Jones has entered voluntary administration after failing to pay rent to Westfield owner Scentre Group, putting its future and 6,000 jobs in doubt. Administrators and receivers say its stores and website will continue trading while they review the business.
Analyst Barry Urquhart says eight to 10 of the retailer’s 38 stores may be earmarked for closure, with one to four potentially closing before Christmas. Suburban branches with low foot traffic are seen as more vulnerable than the Sydney and Melbourne CBD flagships; several shopping centres have been flagged as at risk. Large clearance sales may be limited because the business needs to preserve cash.
In short
- David Jones has entered voluntary administration.
- Eight to 10 stores may be considered for closure.
- Stores and the website are continuing to trade.
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Originally published by Daily Mail as “Which David Jones stores are set to close… and will there be a fire sale? Major questions answered as department store giant collapses into administration”.