David Jones to close 19 stores

Detailed summary

Half of the stores in David Jones' network will close by the end of the year as part of a massive restructure of the department store's operations. In an

Half of the stores in David Jones’ network will close by the end of the year as part of a massive restructure of the department store’s operations.

In an update on Wednesday afternoon, receiver FTI Consulting confirmed 19 of the David Jones’ 38 stores will be closed in what it described as an “urgent” overhaul of the business.

A definitive closure date has not been given for the stores in question but it is likely they will cease trading by the end of the year.

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Green HillsHornsbyMacarthur SquareMacquarie CentreParramattaWarringah MallWollongong Central

New ZealandNewmarket, NZFTI Consulting was appointed as receiver of David Jones by lender Hilco Capital last week, following the appointment of voluntary administrators from McGrathNicol.

David Jones had been in rent negotiations with landlords prior to the appointment and had reportedly not paid rent to Westfield owner Scentre Group since September.

Expressions of interest for the 188-year-old business are due at the end of this week, as scores of shoppers flock to David Jones stores to pick up bargains.

While the business saw record sales over the weekend following the news of its administration, small business suppliers say they have been “crushed” by the chain of events.

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