David Jones in talks to close more than half its stores
Summarised from 2 outlets · Updated 3 Nov, 06:38 · Archive
David Jones' owner is in advanced talks with landlords about closing more than half of its 38 stores amid mounting losses.
David Jones' private equity owner Anchorage Capital Partners is in advanced talks with landlords about possibly closing more than half of the 188-year-old department store chain's 38 stores across Australia and New Zealand, according to the Australian Financial Review. The retailer has not filed its 2025/26 financial accounts, missing a deadline at the end of October.
David Jones posted a $95.5 million loss in 2024/2025, up from $74 million in 2023/24. The company said it is continuing to operate all stores and does not comment on speculation regarding potential closures. Anchorage Capital Partners, which acquired David Jones in 2023 for about $100 million, did not immediately respond to requests for comment.
Chris Rodwell, chief executive of the Australian Retail Council, described David Jones as one of the nation's oldest and most celebrated brands. He said the pressures facing Australian retailers stemmed from rising business costs relating to leases, transport, supply chains, energy, wages and government taxes. Like many retailers, the upper-mid-range department chain has struggled in the era of online shopping, fast fashion and ultra-cheap overseas imports.
How it is being reported
- Clock ticking on historic retailer just before holidaysDavid Jones says it is continuing to operate all of its 38 stores in Australia and New Zealand amid reports it is in talks to shut as many as half.The West Australian · 3 Nov, 06:19
- Clock ticking on historic retailer just before holidaysDavid Jones says it is continuing to operate all of its 38 stores in Australia and New Zealand amid reports it is in talks to shut as many as half.Perth Now · 3 Nov, 06:19
In this story: David Jones · Anchorage Capital Partners · Australian Financial Review · Australia · New Zealand · Chris Rodwell
This summary was written by AI from the headlines and standfirsts above, and states as fact only what at least two outlets report. How we use AI · Report a problem · Corrections log
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