David Jones accelerates store closures as sales slump 35 per cent

In a trading update on Wednesday afternoon, David Jones' South African-based parent company Woolworths Holdings told investors it had kicked off a number of strategic initiatives to strengthen the business in the pandemic and revitalise its struggling Australian brands.

UBS will look at restructuring borrowings and review the property holdings to find ways to pay off the nearly $500 million in debt owed by David Jones and CRG, it said.As a first step in that strategy, the South African parent company said it has found a buyer for Discussions are also underway with local landlords over an "accelerated restructure" of David Jones' store network and floor space, which will see the retailer close some stores and shut floors at some of its larger locations, Woolworths said.

I like shopping at DJs because there are many things I don’t like ordering online but the issue for me is that the smaller stores don’t have a big enough selection.If they had bigger stores with more stock but less of them and kept the rolling sales they could be a one stop shop.

Only the start of permanent job losses. Look at the US. It’s a daily event.

I remember when David Jones stopped online sales in the early 2000s when we lived in regional NSW. Now they are reliant on it but people haven’t been so enthusiastic. Why is that

Just the beginning.

They would probably be doing better if they could run their online business. They let you order things they don't have in stock, take days/weeks to dispatch orders and fail to respond to requests for information. It's the year 2020 not 2000.

Wasn’t selling their Sydney city property the start of their problems? Plus ça change

The beginning of the end for the “department store”? My great uncle and my great grandfather would be sad but life and retail moves on. 😔😔😔

This is the tip of the iceberg. It's going to get horribly messy out there.

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