David Jones to shutter 19 stores nationally, with thousands of jobs expected to be axed
David Jones is set to shutter 19 of its 38 stores nationally, with thousands of jobs expected to go as administrators work to keep the 188-year-old retailer alive.
David Jones is set to shutter 19 of its 38 stores nationally, with thousands of jobs expected to go as administrators work to keep the 188-year-old retailer alive.
Seven stores in NSW will shut, including Green Hills, Hornsby, Macarthur Square and Parramatta. Another two will close in Victoria at Glen Waverley and Malvern Central.
SEE THE FULL LIST OF STORE CLOSURES BELOW.
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By continuing you agree to our Terms and Privacy Policy.“Today, the receivers have made the difficult decision to proceed with an urgent restructure of the business, in line with management’s plan for the future of David Jones that was being worked on prior to the appointment,” they said.
“As part of this restructure, the Receivers have commenced an immediate consultation process for all staff associated with 19 stores that have been identified for closure.
“For the immediate term these stores will continue trading and while there is no final date for the closures, we anticipate they will cease trading by the end of the year.
“David Jones staff have been informed today, with the consultation period continuing over the next seven days.
“The receivers recognise the restructure will have a material impact on many individual members of the David Jones team and commit to treating all employees with fairness and respect throughout the process.
“Whilst the impacts are highly regrettable, the receivers believe the steps are unavoidable if David Jones is to continue as a viable business and these measures will help give David Jones the best chance for a sustainable future.”
The receivers did not provide an expected number of job losses for David Jones, which currently employs 6000 people.
Stores to be closed:
- Carousel, WA
- Garden City, WA
- Glen Waverley, VIC
- Green Hills, NSW
- Hay Street Mall, WA
- Highpoint, VIC
- Hornsby, NSW
- Macarthur Square, NSW
- Macquarie Centre, NSW
- Malvern Central, VIC
- Marion, SA
- Newmarket, NZ
- Parramatta, NSW
- Robina Town Centre, QLD
- Sunshine Plaza, QLD
- Warringah Mall, NSW
- West Lakes, SA
- Woden, ACT
- Wollongong Central, NSW
It was revealed on Tuesday that David Jones was sounding out restructuring plans nearly four months before it was handed over to administrators and receivers last week.
The retailer had wanted to keep 12 stores open at full rent, while seven others would remain open if offered rent relief. The other 19 stores would have closed.
Nine sites that are now to be closed are at Westfield shopping centres owned by ASX-listed Scentre, the AFR said, with others in malls owned by GPT, Stockland and Vicinity.
Separate media report suggests the collapsed retailer could be sold back to private equity firm Anchorage Capital Partners.
Originally published on The Nightly
