Australian retailer David Jones, founded in 1838, entered voluntary administration Thursday as administrators began seeking buyers or new capital, The Straits Times reported.
McGrathNicol executives took the administrator posts, and FTI Consulting staff were assigned as receivers, the paper reported. David Jones continues operating in stores and online during the search for buyers or recapitalization offers.
FTI Consulting receiver Christopher Hill cited a difficult retail market, higher costs, supply-chain problems and a store network he characterized as outdated.
Chief Executive Erica Berchtold said in a statement that David Jones had a plan to reset its operations but gave no details. The retailer has about 38 locations across Australia and New Zealand. Private equity firm Anchorage Capital Partners bought it in 2023, according to The Straits Times.
The administration follows earlier coverage of rent talks with Westfield owner Scentre Group. Scentre said Nov. 4 that David Jones had paid all rent due through Sept. 30.
