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Rent paid: iconic retailer appeases major landlord
Westfield owner Scentre said David Jones paid rent through Sept. 30, but talks collapsed as the retailer weighs administrators and store closures.
On Thursday, directors of 188-year-old David Jones are expected to appoint insolvency firm McGrathNicol as voluntary administrators after negotiations with landlords broke down.
The retailer failed to file its 2026 financial accounts with the Australian Securities and Investments Commission by the October 30 deadline; auditor PwC has not signed off on the figures.
Westfield owner Scentre Group disclosed on Wednesday it received $45 million in rent from David Jones in 2026 and holds $30 million in bank guarantees covering eight months of rent.
The retailer reportedly plans to slash its 38 current locations down to 12, including closing up to 26 stores with five in Westfield shopping centres.
Lender Hilco Capital provided additional funding last week to support the retailer through December, even as Country Road Group and other brands withdraw concessions from the network.