TradeSignalosDavid Jones enters voluntary administration, jobs and store future at risk
Australian department store David Jones has entered voluntary administration, with thousands of jobs now at risk. Administrators were appointed on Thursday morning. The retailer, which is 188 years old, has faced years of steep losses and underperforming stores. It fell behind on rent, and negotiations with its main landlord, Scentre Group, the owner of Westfield, broke down. Store closures are expected, and the company's future is uncertain.
📊 What it means for markets
Retail insolvencies like this are usually company-specific and have limited direct effect on broad markets. They may weigh on sentiment for Australian retail and property-linked landlords, and may affect the shares of companies with exposure to the sector.
Source: The Guardian
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