Nov 12, 2026
David Jones: What Brands Can Learn from the UK and US
What department store collapses overseas tell Australian brands — and where I think David Jones ends up.
Department Stores
Retail
Opinion
What has happened
For many Australian brands, David Jones was the launch pad.
Over the years I have negotiated many brands into David Jones. For almost every one of them, it was a milestone. Landing a DJs account meant the brand had moved into its next phase of growth.
Overnight, you had national distribution, a premium address and access to a customer you could not reach on your own. If you managed the business well (sell-through, margin, replenishment, your people on the floor) it became one of the most valuable accounts you would ever hold.
So this week’s news is personal. I feel for every brand that is now sitting with stock on the floor, invoices outstanding and a lot of unanswered questions.
On Thursday 5 November, David Jones entered voluntary administration and receivership, the first insolvency in its 188-year history. McGrathNicol are the administrators and FTI Consulting the receivers. All 38 stores across Australia and New Zealand, and the website, keep trading for now. More than 6,000 jobs are affected.
The trigger was a breakdown in rent negotiations with landlords, including Scentre Group. But the warning signs were there all year:
In March, trade credit insurers began refusing to cover stock supplied to DJs, and some suppliers stepped back.
By August, suppliers were reportedly asked to accept a 20-week repayment program on outstanding amounts.
Country Road Group announced it would pull almost 100 of its 283 concessions from early 2027.
Management had been working towards a smaller, upmarket business of around 12 key stores.
And the longer story: Woolworths Holdings paid $2.1 billion for David Jones in 2014 and sold it to Anchorage Capital Partners for around $100 million less than a decade later. That gap says a lot.
What the UK and US tell us
The brand name almost always survives. The store network and the suppliers rarely come out whole.
We have seen this play out overseas, and the pattern is consistent.
Retailer | What happened | What it meant for brands |
|---|---|---|
Saks Global (US, 2026) | Chapter 11 in January, owing about US$1.7 billion to unsecured creditors | Concession, consignment and critical vendors got catch-up payments. Most other unsecured claims are being cancelled. Stock shipped after the filing was protected. |
Hudson’s Bay (Canada, 2025) | All stores liquidated; Canadian Tire bought the name and IP | The brand lived on. The wholesale account did not. |
Debenhams (UK, 2020–21) | Second administration, every store closed; boohoo bought the brand and website | Moved to an online marketplace where brands pay commission and carry the stock risk. |
Lord & Taylor (US, 2020) | Liquidated, name sold and relaunched online | The relaunch struggled. A name alone is not a business. |
Barneys New York (US, 2019) | Chapter 11, stores closed, name licensed out | Smaller designers were among those owed the most. Some never recovered. |
House of Fraser (UK, 2018) | Pre-pack sale to Sports Direct for £90m within hours of administration | Suppliers became unsecured creditors overnight. Concessions faced new terms and progressive store closures. |
The common thread: secured lenders are paid first, landlords and buyers set the new shape of the business, and brands are asked to absorb the gap.
What brands should expect
Based on what we have seen overseas, here is what I would be preparing for:
Old invoices will likely be paid at cents in the dollar, if at all. Anything owed before 5 November is an unsecured claim. Lodge your proof of debt early and keep it accurate.
Know exactly what stock you own. If you trade on concession or consignment, reconcile your stock and takings now. Check your agreement for retention of title clauses and notify the administrators in writing.
New supply is a different risk. Under Australian law, administrators are generally liable for debts they incur while trading the business. Get any new orders and terms confirmed in writing before you ship.
Expect fewer doors and tougher terms. Overseas, every buyer cut the store network and reset margins and payment terms. Model your business on a much smaller DJs.
Look after your people. If you employ staff on the floor, talk to them early. They are carrying a lot right now.
Spread your risk. This is a reminder that no single account should hold up your business. Review your mix across wholesale, your own stores and online.
Get proper legal and insolvency advice on your own position. Every agreement is different.
Where I think it ends up
I believe someone will buy David Jones.
The brand itself is exceptionally strong, and every overseas example shows that a great name finds a buyer even when the business behind it has struggled.
The plan has been a smaller business, and if it continues in that form, I hope the new owners bring back customer service as it used to be. In my opinion, it was cut many years ago, and you felt it immediately on the shop floor. A department store’s real point of difference was never just the product. It was being looked after.
There is no doubt many factors have caused this: rent, debt, online competition, changing customers and years of underinvestment. But I do believe David Jones still has a place in Australian retail.
Most of all, I am thinking of the employees during this very difficult time, and of the brands who built part of their story inside those stores.
Sources: ABC News · Reuters via Daily Maverick · The Conversation · Inside Retail · Yahoo Finance on Saks Global
Latest edits
FAQ
01
What are the benefits of working with you?
02
What are your areas of focus?
03
How is this different from a consulting firm?
04
Can you assist with competitive intelligence and data benchmarking?
05
How can I get a proposal?
06
Do you charge an hourly rate or project fee?
07
How do you measure success?
08
How do you help businesses grow?
Nov 12, 2026
David Jones: What Brands Can Learn from the UK and US
What department store collapses overseas tell Australian brands — and where I think David Jones ends up.
Department Stores
Retail
Opinion
What has happened
For many Australian brands, David Jones was the launch pad.
Over the years I have negotiated many brands into David Jones. For almost every one of them, it was a milestone. Landing a DJs account meant the brand had moved into its next phase of growth.
Overnight, you had national distribution, a premium address and access to a customer you could not reach on your own. If you managed the business well (sell-through, margin, replenishment, your people on the floor) it became one of the most valuable accounts you would ever hold.
So this week’s news is personal. I feel for every brand that is now sitting with stock on the floor, invoices outstanding and a lot of unanswered questions.
On Thursday 5 November, David Jones entered voluntary administration and receivership, the first insolvency in its 188-year history. McGrathNicol are the administrators and FTI Consulting the receivers. All 38 stores across Australia and New Zealand, and the website, keep trading for now. More than 6,000 jobs are affected.
The trigger was a breakdown in rent negotiations with landlords, including Scentre Group. But the warning signs were there all year:
In March, trade credit insurers began refusing to cover stock supplied to DJs, and some suppliers stepped back.
By August, suppliers were reportedly asked to accept a 20-week repayment program on outstanding amounts.
Country Road Group announced it would pull almost 100 of its 283 concessions from early 2027.
Management had been working towards a smaller, upmarket business of around 12 key stores.
And the longer story: Woolworths Holdings paid $2.1 billion for David Jones in 2014 and sold it to Anchorage Capital Partners for around $100 million less than a decade later. That gap says a lot.
What the UK and US tell us
The brand name almost always survives. The store network and the suppliers rarely come out whole.
We have seen this play out overseas, and the pattern is consistent.
Retailer | What happened | What it meant for brands |
|---|---|---|
Saks Global (US, 2026) | Chapter 11 in January, owing about US$1.7 billion to unsecured creditors | Concession, consignment and critical vendors got catch-up payments. Most other unsecured claims are being cancelled. Stock shipped after the filing was protected. |
Hudson’s Bay (Canada, 2025) | All stores liquidated; Canadian Tire bought the name and IP | The brand lived on. The wholesale account did not. |
Debenhams (UK, 2020–21) | Second administration, every store closed; boohoo bought the brand and website | Moved to an online marketplace where brands pay commission and carry the stock risk. |
Lord & Taylor (US, 2020) | Liquidated, name sold and relaunched online | The relaunch struggled. A name alone is not a business. |
Barneys New York (US, 2019) | Chapter 11, stores closed, name licensed out | Smaller designers were among those owed the most. Some never recovered. |
House of Fraser (UK, 2018) | Pre-pack sale to Sports Direct for £90m within hours of administration | Suppliers became unsecured creditors overnight. Concessions faced new terms and progressive store closures. |
The common thread: secured lenders are paid first, landlords and buyers set the new shape of the business, and brands are asked to absorb the gap.
What brands should expect
Based on what we have seen overseas, here is what I would be preparing for:
Old invoices will likely be paid at cents in the dollar, if at all. Anything owed before 5 November is an unsecured claim. Lodge your proof of debt early and keep it accurate.
Know exactly what stock you own. If you trade on concession or consignment, reconcile your stock and takings now. Check your agreement for retention of title clauses and notify the administrators in writing.
New supply is a different risk. Under Australian law, administrators are generally liable for debts they incur while trading the business. Get any new orders and terms confirmed in writing before you ship.
Expect fewer doors and tougher terms. Overseas, every buyer cut the store network and reset margins and payment terms. Model your business on a much smaller DJs.
Look after your people. If you employ staff on the floor, talk to them early. They are carrying a lot right now.
Spread your risk. This is a reminder that no single account should hold up your business. Review your mix across wholesale, your own stores and online.
Get proper legal and insolvency advice on your own position. Every agreement is different.
Where I think it ends up
I believe someone will buy David Jones.
The brand itself is exceptionally strong, and every overseas example shows that a great name finds a buyer even when the business behind it has struggled.
The plan has been a smaller business, and if it continues in that form, I hope the new owners bring back customer service as it used to be. In my opinion, it was cut many years ago, and you felt it immediately on the shop floor. A department store’s real point of difference was never just the product. It was being looked after.
There is no doubt many factors have caused this: rent, debt, online competition, changing customers and years of underinvestment. But I do believe David Jones still has a place in Australian retail.
Most of all, I am thinking of the employees during this very difficult time, and of the brands who built part of their story inside those stores.
Sources: ABC News · Reuters via Daily Maverick · The Conversation · Inside Retail · Yahoo Finance on Saks Global
Latest edits
FAQ
01
What are the benefits of working with you?
02
What are your areas of focus?
03
How is this different from a consulting firm?
04
Can you assist with competitive intelligence and data benchmarking?
05
How can I get a proposal?
06
Do you charge an hourly rate or project fee?
07
How do you measure success?
08
How do you help businesses grow?
Nov 12, 2026
David Jones: What Brands Can Learn from the UK and US
What department store collapses overseas tell Australian brands — and where I think David Jones ends up.
Department Stores
Retail
Opinion
What has happened
For many Australian brands, David Jones was the launch pad.
Over the years I have negotiated many brands into David Jones. For almost every one of them, it was a milestone. Landing a DJs account meant the brand had moved into its next phase of growth.
Overnight, you had national distribution, a premium address and access to a customer you could not reach on your own. If you managed the business well (sell-through, margin, replenishment, your people on the floor) it became one of the most valuable accounts you would ever hold.
So this week’s news is personal. I feel for every brand that is now sitting with stock on the floor, invoices outstanding and a lot of unanswered questions.
On Thursday 5 November, David Jones entered voluntary administration and receivership, the first insolvency in its 188-year history. McGrathNicol are the administrators and FTI Consulting the receivers. All 38 stores across Australia and New Zealand, and the website, keep trading for now. More than 6,000 jobs are affected.
The trigger was a breakdown in rent negotiations with landlords, including Scentre Group. But the warning signs were there all year:
In March, trade credit insurers began refusing to cover stock supplied to DJs, and some suppliers stepped back.
By August, suppliers were reportedly asked to accept a 20-week repayment program on outstanding amounts.
Country Road Group announced it would pull almost 100 of its 283 concessions from early 2027.
Management had been working towards a smaller, upmarket business of around 12 key stores.
And the longer story: Woolworths Holdings paid $2.1 billion for David Jones in 2014 and sold it to Anchorage Capital Partners for around $100 million less than a decade later. That gap says a lot.
What the UK and US tell us
The brand name almost always survives. The store network and the suppliers rarely come out whole.
We have seen this play out overseas, and the pattern is consistent.
Retailer | What happened | What it meant for brands |
|---|---|---|
Saks Global (US, 2026) | Chapter 11 in January, owing about US$1.7 billion to unsecured creditors | Concession, consignment and critical vendors got catch-up payments. Most other unsecured claims are being cancelled. Stock shipped after the filing was protected. |
Hudson’s Bay (Canada, 2025) | All stores liquidated; Canadian Tire bought the name and IP | The brand lived on. The wholesale account did not. |
Debenhams (UK, 2020–21) | Second administration, every store closed; boohoo bought the brand and website | Moved to an online marketplace where brands pay commission and carry the stock risk. |
Lord & Taylor (US, 2020) | Liquidated, name sold and relaunched online | The relaunch struggled. A name alone is not a business. |
Barneys New York (US, 2019) | Chapter 11, stores closed, name licensed out | Smaller designers were among those owed the most. Some never recovered. |
House of Fraser (UK, 2018) | Pre-pack sale to Sports Direct for £90m within hours of administration | Suppliers became unsecured creditors overnight. Concessions faced new terms and progressive store closures. |
The common thread: secured lenders are paid first, landlords and buyers set the new shape of the business, and brands are asked to absorb the gap.
What brands should expect
Based on what we have seen overseas, here is what I would be preparing for:
Old invoices will likely be paid at cents in the dollar, if at all. Anything owed before 5 November is an unsecured claim. Lodge your proof of debt early and keep it accurate.
Know exactly what stock you own. If you trade on concession or consignment, reconcile your stock and takings now. Check your agreement for retention of title clauses and notify the administrators in writing.
New supply is a different risk. Under Australian law, administrators are generally liable for debts they incur while trading the business. Get any new orders and terms confirmed in writing before you ship.
Expect fewer doors and tougher terms. Overseas, every buyer cut the store network and reset margins and payment terms. Model your business on a much smaller DJs.
Look after your people. If you employ staff on the floor, talk to them early. They are carrying a lot right now.
Spread your risk. This is a reminder that no single account should hold up your business. Review your mix across wholesale, your own stores and online.
Get proper legal and insolvency advice on your own position. Every agreement is different.
Where I think it ends up
I believe someone will buy David Jones.
The brand itself is exceptionally strong, and every overseas example shows that a great name finds a buyer even when the business behind it has struggled.
The plan has been a smaller business, and if it continues in that form, I hope the new owners bring back customer service as it used to be. In my opinion, it was cut many years ago, and you felt it immediately on the shop floor. A department store’s real point of difference was never just the product. It was being looked after.
There is no doubt many factors have caused this: rent, debt, online competition, changing customers and years of underinvestment. But I do believe David Jones still has a place in Australian retail.
Most of all, I am thinking of the employees during this very difficult time, and of the brands who built part of their story inside those stores.
Sources: ABC News · Reuters via Daily Maverick · The Conversation · Inside Retail · Yahoo Finance on Saks Global
Latest edits
FAQ
What are the benefits of working with you?
What are your areas of focus?
How is this different from a consulting firm?
Can you assist with competitive intelligence and data benchmarking?
How can I get a proposal?
Do you charge an hourly rate or project fee?
How do you measure success?
How do you help businesses grow?