How Anchorage’s turnaround bet went bust at David Jones

Detailed summary

The Sydney private equity firm wanted to close David Jones stores and take the brand upmarket. Three years later, the dream has collapsed.

In late February 2023, Anchorage Capital Partners founder Phillip Cave sat across the table from Scentre chief executive Elliott Rusanow with a simple pitch: trust us with upmarket department store chain David Jones.

With 17 stores inside Scentre’s Westfield malls around Australia and New Zealand, David Jones’ fate mattered to the landlord.

Opening of the article, excerpted from Australian Financial Review. To read the rest, open the article on the publisher's site.