David Jones, Australia's oldest department store, has collapsed into voluntary administration after 188 years in business. The crisis puts more than 6,000 jobs at risk across a network of 38 stores, leaving the future of the iconic retailer uncertain.
The collapse follows years of heavy losses, struggling stores, and unpaid bills. Scentre Group, which owns Westfield shopping centres and is the retailer's primary landlord, said David Jones had not paid rent since September and had rejected an agreement to continue trading. Anchorage Capital Partners, the private equity firm that bought the retailer in 2023, has now lost operational control.
Financial managers have taken day-to-day control of operations to restructure the business while looking for fresh investment. While receivers hope to protect key city-centre flagship stores, experts warn that store closures are almost certain, with regional and outer-suburban locations expected to suffer the most. Union leaders said their priority is saving as many jobs as possible, even if the retailer must survive as a much smaller company.
The collapse also creates immediate risks for everyday customers and suppliers. Consumer experts have urged shoppers to spend David Jones gift cards and reward vouchers as soon as possible, warning that they could become worthless if a buyer is not found.