Half of all David Jones stores set to close as administrators wait for rescue bids

Résumé détaillé

Half of all David Jones’ stores across Australia could be shuttered as administrators chase a white knight to rescue the 188-year-old department chain.

Half of all David Jones’ stores across Australia could be shuttered and thousands of staff could lose their jobs as administrators chase a white knight to rescue the 188-year-old department chain. FTI Consulting is expected to tell suppliers later on Wednesday that 19 of the upmarket retailer’s 38 stores will be closed, according to media reports. David Jones entered administration last Thursday after rescue talks with landlords failed. Hilco appointed FTI as receivers to run the business, while McGrathNicol seeks a buyer or fresh capital. It was revealed that David Jones was sounding out restructuring plans nearly four months before it was handed over to administrators and receivers.

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