David Jones, Australia's oldest department store, collapses after almost 200 years
Summary
David Jones, Australia's oldest department store, has collapsed after almost 200 years. ABC reports that the collapse followed the breakdown of negotiations with its key landlord, Westfield, and says it is 'not inconceivable' the retailer could disappear. Bloomberg reports the chain succumbed on Thursday as shoppers shifted to cheaper and more convenient online rivals in the digital era. The BBC reports that the brand's 38 physical stores and its online site will continue to operate while receivers review its operations.
Timeline
ABC
Source ↗Reports that the 188-year-old department store's collapse came after negotiations with key landlord Westfield broke down, and says it was 'not inconceivable' David Jones could disappear.
Bloomberg
Source ↗Reports that Australia's oldest department store collapsed on Thursday after almost 200 years, as the digital era drove shoppers to cheaper and nimbler online rivals.
BBC
Source ↗Reports that David Jones folded after 188 years and that its 38 physical stores and online site will continue to operate while receivers review its operations.
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