Explore the latest developments concerning David Jones teeters.
David Jones teeters on brink of collapse as analyst warns of closure
The unthinkable is now a very real possibility for Australia’s oldest and most beloved department store, David Jones.
After 188 years as a retail cornerstone, the iconic chain is teetering on the brink of collapse, facing a staggering $74 million loss, mounting debts, and aisles so empty they resemble a ghost town.
“They are very much on the precipice,†retail analyst Barry Urquhart told 7NEWS, warning that “closure and disposal are very real possibilities.â€
Concern has grown after David Jones posted a $74 million loss in the 2024 financial year and has yet to lodge its most recent financial statement with the regulator, reportedly due last October.
David Jones squeezes suppliers, cuts staff in fight for survival
David Jones is delaying payments to key suppliers and cutting head office staff as its private equity owners navigate a make-or-break turnaround of the loss-making department store chain.
Puig, the owner of luxury brands such as Rabanne, Jean Paul Gaultier and Christian Louboutin, is among the wholesale suppliers whose payments have been delayed by the retailer, according to a person familiar with the matter but not authorised to speak publicly.
Gift 5 articles to anyone you choose each month when you subscribe.
Automatic Burr Mill Coffee Grinder Electric Coffee Bean Grinding With 28 Adjustable Gears for Espresso French Press Drip Coffee
Warning of David Jones being on the brink of collapse
Iconic retail store David Jones is on the brink of collapse after a $74 million loss leaves them struggling to scrape by, a retail analyst warns.
Department store giant David Jones could be forced to close its doors after 188 years following major financial losses and growing pressure from online rivals.
The warning comes after the retailer failed to submit its most recent financial statement to the regulator and reported a $74 million loss in the 2024 financial year.
Retail analyst Barry Urquhart said the prospect of a closure was increasingly likely.
Mr Urquhart said shifting consumer behaviours, driven by the rising cost of living, has been a contributor to the department stores decline, as shoppers swap department store price tags for cheaper online alternatives.
For more detailed information, explore updates concerning David Jones teeters.
