BackBreaking: Retailer's future in doubt as David Jones calls in administrators

BREAKING

ABC Top Stories53 minutes agoBusiness1 min readAustralia

Breaking: Retailer's future in doubt as David Jones calls in administrators

Quick Look

Australian department store David Jones has entered receivership after failed negotiations with landlord Westfield, leaving 38 stores, staff, and suppliers facing uncertainty as the CEO addresses employees at the Melbourne headquarters.

AI-generated summary

Why It Matters

David Jones is a 188-year-old Australian department store with 38 sites. It has fallen behind on rental payments and negotiations with key landlord Westfield broke down, leading to receivership.

Font size

Australian retailer David Jones has been placed into receivership.

The 188-year-old department store's collapse comes after negotiations with key landlord Westfield broke down.

The department store's chief executive is addressing staff this morning at the company's Melbourne headquarters.

The retailer is behind on rental payments and its collapse will leave staff and suppliers such as fashion brands in the dark.

It is expected to rationalise store numbers, with it currently having 38 sites.

What to Watch

AI outlook — possibilities, not facts

David Jones will rationalise its store network, reducing the number of sites from 38.
Very likely · Within weeks

Open Questions

Which specific stores will be rationalised or closed?
What will happen to staff employment and supplier payments?
Who has been appointed as receiver?
What is the timeline for the receivership process?

David Jones, Australia's 188-year-old upmarket department store, has entered voluntary administration after years of losses and failed rent negotiations with landlord Scentre Group. McGrathNicol was appointed as voluntary administrators and FTI Consulting as receivers, placing more than 6,000 jobs across 38 stores at risk.

Guardian Australia

1 min read

BREAKING·3 hours ago

Live: Wall Street markets soar after Democrats' midterms election win

Democrats won big in US mid-term elections, taking control of both houses of parliament and numerous governor races. Wall Street indices surged overnight, with the Dow Jones up 3% to 53,342 points, the S&P 500 up 1.7% to 7,698 points, and the Nasdaq up 1.7% to 25,811 points. ASX 200 futures tipped a 1.9% lift.

ABC Top Stories

1 min read

Developing·5 hours ago

Will Trump's midterms wipeout hit Australia's already shaky economy?

Donald Trump described the war in Iran as "brilliant" just before US mid-term voters delivered a stinging rebuke to Republicans in states including Texas, Iowa and Kansas. Australia's Albanese government, initially supportive of US strikes, now warns Australians are cost-of-living casualties of decisions taken in Washington and Tehran, as the Reserve Bank delivers a fifth interest rate hike this year.

ABC Top Stories

4 min read

Urgent·14 hours ago

David Jones is on shaky ground. Here's what consumers should know

Retailer David Jones faces speculation of entering voluntary administration amid rent arrears. Consumer advocates urge customers to quickly spend gift cards, clear lay-bys, and handle returns before potential insolvency proceedings.

ABC Top Stories

3 min read

Urgent·18 hours ago

Australian banks lift interest rates

Australia's lenders will raise variable mortgage rates by 0.25 percentage points after the Reserve Bank of Australia lifted the cash rate to an 18-year high of 4.85 per cent. Macquarie Bank moved within an hour, followed by the big four banks from November 13, adding roughly $79 monthly to repayments on a $500,000 owner-occupier loan.

ABC Top Stories

2 min read

Urgent·18 hours ago

David Jones on brink of collapse and behind on rent to Westfield

David Jones may enter administration within 24 hours after failing to pay rent since September at 17 Westfield locations. Scentre Group says its lifeline offer was rejected by Anchorage Capital Partners, and thousands of jobs could be at risk.

ABC Top Stories

3 min read

Breaking: Retailer's future in doubt as David Jones calls in administrators

Quick Look

Why It Matters

What to Watch

Open Questions

Related Topics

Related Stories

David Jones goes into administration, with store closures expected and thousands of jobs at risk

Live: Wall Street markets soar after Democrats' midterms election win

Will Trump's midterms wipeout hit Australia's already shaky economy?

David Jones is on shaky ground. Here's what consumers should know

Australian banks lift interest rates

David Jones on brink of collapse and behind on rent to Westfield

Breaking: Retailer's future in doubt as David Jones calls in administrators

Quick Look

Why It Matters

What to Watch

Open Questions

Related Topics

Related Stories

David Jones goes into administration, with store closures expected and thousands of jobs at risk

Live: Wall Street markets soar after Democrats' midterms election win

Will Trump's midterms wipeout hit Australia's already shaky economy?

David Jones is on shaky ground. Here's what consumers should know

Australian banks lift interest rates

David Jones on brink of collapse and behind on rent to Westfield