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David Jones Stores Face Closure Wave
15 Nov
Summary
- David Jones collapsed into administration on November 5.
- Half of its 38 stores will soon close.
- The retailer reported a $74m loss for the 2024 financial year.
Department store David Jones entered administration on November 5, 2026. The company announced that 19 of its 38 stores will close by the end of 2026. Receivers FTI Consulting are managing the business while administrator McGrathNicol searches for a buyer.
David Jones experienced a substantial financial downturn, reporting a $74 million loss for the 2024 financial year. The company also failed to submit its 2025 accounts and had been delaying payments to suppliers as early as April 2026.
Following the administration announcement, store visitations surged as customers sought to use gift vouchers or find discounted items. These increased visits, however, do not address the fundamental financial challenges facing the retailer.
Restoring David Jones to its former prominence is a complex and costly endeavor. It is estimated that hundreds of millions of dollars would be required for revitalizing stores, re-engaging brands, and restocking inventory. The retailer's main lender, Hilco Global, is owed approximately $140 million.
