David Jones going into administration

Jonathan Barrett in The Guardian: Australia’s premier upmarket department store David Jones has collapsed into voluntary administration, putting thousands of jobs at risk and leaving the future of the 188-year-old retailer hanging in the balance. The collapse marks the first time David Jones has been in administration, having previously weathered nearly two centuries while cycling through almost every type of ownership model, from public listing to foreign conglomerate ownership and, […] You’ll never guess. […] most recently, […] No, really, you’ll never guess. […] private equity. Don’t get me wrong, DJs have been facing headwinds for years. But you know it’s the end the moment you read private equity. They’re truly the Reverse Midas Touch of stakeholders. We were more a Myer and Grace Bros family when I was a kid before we moved overseas, but it still feels sad in a way that’s hard to describe. DJs were an Australian institution, and not just because they used houndstooth in their…

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