Business

David Jones expected to go into administration

Talks with a major landlord broke down, according to reports. Administrators have not yet been appointed.

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Department store David Jones is expected to go into administration, The Guardian Australia reported. Administration is when outside experts take control of a struggling company to try to save it or sell it. The Australian Financial Review reported that talks with a landlord broke down and that the retailer was tipped to enter administration this week. The Sydney Morning Herald reported that a decision was expected by Thursday morning. The Herald said McGrathNicol was expected to be appointed. Shopping centre owner Scentre said David Jones had stopped paying rent on major stores, the Herald reported. As of this morning, administrators had not been confirmed as appointed. David Jones has not said what will happen to its stores or staff. It is not yet known whether stores will stay open or what it means for customers. We will update this story when there is an official notice.