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In layman's terms, this is what is happening at David Jones under administration
David Jones has seen both administrators and receivers appointed this week. (ABC News: Taryn Southcombe)
Aussie mortgage holders are not the only ones struggling to make ends meet and pay their debts this Christmas.
After 188 years of rich history, Australian retailer David Jones was forced to admit defeat this week.
Shoppers will be wondering what is going on and what is next for the iconic retailer.
To understand what is unfolding at DJs, it helps to consider what happens to individuals when they cannot pay their debts.
They can, of course, try to cut their costs or boost their income to keep making payments.
As one Sydney icon faces an uncertain future, another is born
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My first job after finishing school was behind a perfume counter at David Jones’ Elizabeth Street store. I couldn’t believe my luck; to me, the DJs ground floor, with its art deco chandeliers and French cosmetic houses, was the most elegant place in Sydney. Wearing black from head to toe, I’d spray scents from Balenciaga or Givenchy onto the wrists of well-heeled matrons from the eastern suburbs. They’d hand me their David Jones card and walk away with their houndstooth bag.
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Shoppers, streetscapes and 188 years of Australian style: David Jones through the years – in pictures
A fixture of city centres and a launchpad for local fashion designers, Australiaâs oldest department store is facing an uncertain future after entering into voluntary administration this week
Like many others, 87-year-old Janet came to âsay goodbyeâ to the Australian institution that is David Jones
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