David Jones, Australia's oldest department store, has announced plans to close 19 of its stores, effectively shutting down half of its department store network. This drastic decision comes in the wake of the company's recent collapse into voluntary administration, a move that was confirmed last week after years of significant financial losses. The restructuring is expected to lead to mass job losses, impacting many of the over 6,000 employees currently working across its 38 stores.

The announcement was made by receivers from FTI Consulting, who are overseeing the administration process. The closures are part of a broader strategy to stabilize the business and address the financial challenges that have plagued David Jones for an extended period. The company has struggled with steep losses, prompting this urgent restructuring effort to ensure its viability moving forward.S2

As the closures take effect, the future of the remaining stores and the overall brand will be closely monitored. The decision reflects a significant shift in the retail landscape in Australia, where traditional department stores are increasingly challenged by changing consumer preferences and competition from online retailers.S1