Iconic department store confirms almost half its stores to close after collapsing into administration

Iconic department store confirms almost half its stores to close after collapsing into administration The department store employs around 6,000 staff across 43 stores in two countries, attracting around 50 million visitors annually, according to its bosses A historic retail giant has announced it will shut 19 stores after plunging into voluntary administration. David Jones was founded 188 years ago, and is recognised as the oldest continuously operating department store in the world still under its original name. David Jones' owners say its 43 stores across Australia and New Zealand attract about 50 million visits annually and serve five million customers, including at flagship stores in Sydney and Melbourne. Now, it has announced it will shut 19 of them, less than a week after filing for voluntary administration. Christopher Hill, David McGrath and Joanne Dunn of FTI Consulting were appointed administrators of the retail giant, which collapsed last week after 188 years in business. On Wednesday, the retailer confirmed it would close 19 stores across Australia and New Zealand, according to reports from NewsWire. A spokesman said the administrators were making a “difficult” decision to go ahead 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”. “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,” a statement read. “David Jones staff have been informed today, with the consultation period continuing over the next seven days.” The stores set to close include: - 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 The spokesman said the decision to close the stores and sack staff was “highly regrettable” and said the restructure would have a “material impact” on those who worked with the retailer. “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 spokesman said. “People are at the heart of David Jones and the team puts customers first, every day.” The store closures come less than a week after David Jones plunged into administration. David Jones reportedly failed to pay rent to Westfield, the shopping centre company which hosts many David Jones stores, leading to its move to declare voluntary adminstration.