David Jones’s finances were reviewed and restructuring flagged months before it fell into administration
Summary
Administrators for Australian department store David Jones said they reviewed financial information in April 2026 and discussed possible restructuring with company and lender representatives in July. The retailer entered voluntary administration in November, leaving suppliers and customers with unused gift vouchers among the creditors at risk of losses.Key Facts
- McGrathNicol said lawyers for owner Anchorage Capital engaged it in April 2026 to analyse some of David Jones’s financial information.
- In July, David Jones group director Simon Woodhouse and lender Hilco met McGrathNicol to discuss the retailer’s performance and possible restructuring.
- McGrathNicol said Woodhouse left when restructuring was discussed, and the proposed working group was never formed.
- McGrathNicol said it did not discuss David Jones’s financial position again until 22 October, when Woodhouse sought help planning for voluntary administration.
- Administrators said David Jones paid McGrathNicol $1 million upfront to run the administration and that they expected access to another $3 million to $4 million.
- The first creditors’ meeting is scheduled for 17 November.
- McGrathNicol plans to seek a delay to the usual second creditors’ meeting, potentially until early April 2027, to allow more time to sell the business or raise funds.
- Unpaid suppliers and customers with unredeemed gift vouchers are among those at risk of losses.
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