Storied Australian department store chain David Jones has collapsed into administration after a series of crisis meetings between its landlords and its private equity owner, Anchorage Capital Partners, AAP reported. The boards of David Jones and Anchorage will place the group into voluntary administration on Thursday, with McGrathNicol expected to be confirmed as administrator. Australian coverage reported staff were told on Thursday morning, and that lender Hilco Capital appointed a receiver from FTI Consulting to run the business while it is restructured and offered for sale.
Westfield owner Scentre Group is David Jones’ biggest landlord, with 17 of the retailer’s remaining 38 stores in its malls, and chief executive Elliott Rusanow said rent had not been paid since September, leaving the retailer in breach; the company had paid $45 million in rent in the nine months to September 30, and landlords hold a further $45 million in bank guarantees. David Jones posted a $95.5 million loss in 2024/25, up from $74 million a year earlier. Anchorage paid $100 million for the chain in 2023; its previous owner, South Africa’s Woolworths Holdings, had paid $2.1 billion in 2014.