The receivers of David Jones have confirmed they will shutter 19 stores across the department store fleet as part of an “urgent” restructure of the business.
Christopher Hill, David McGrath and Joanne Dunn of FTI Consulting were appointed as receivers of David Jones’ parent company, ACP Riley Street Midco Pty Ltd, housed under Anchorage Capital Partners.
According to the receivers, this axing of stores is in line with management’s plan for the future of David Jones that was being worked on prior to the appointment.
Seven of the 13 stores in New South Wales will close, with four out of the five going in Western Australia.
Three of the seven stores in Victoria will shutter, and two of the seven in Queensland will go, too.
Meanwhile, two of the three stores in South Australia will shut up shop, with receivers closing both stores in the Australian Capital Territory. David Jones’ sole store in New Zealand is also being axed.
A full list of the store closures can be found at the end of this story.
For the immediate term, these stores will continue trading, and while there is no final date for the closures, receivers 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,” FTI Consulting shared in an update.
“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.
“People are at the heart of David Jones, and the team puts customers first, every day. The receivers ask that respect be shown for the team members, particularly those affected by today's announcement.”
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