David Jones Goes Under and Admins Step In

. Aussie fashion giant David Jones just hit the wall, collapsing into voluntary administration after years of financial instability. The retailers' fate is hanging by a thread, and it looks like a lot of jobs are about to disappear.

FTI Consulting has been installed as receivers and is taking operational control of the entire network. This massive corporate restructure comes following the appointment of voluntary administrators from McGrathNicol.

The downfall followed years of steep losses and serious underperformance across their stores. The retailer also struggled with a breakdown in negotiations with its main landlord, Scentre Group, the owner of Westfield.

David Jones employs over 6,000 staff across 38 locations, meaning this collapse puts a massive number of people's livelihoods at risk. Receivers are currently trying to hunt for fresh capital to keep the core network running.

While the goal is to save the brand, the immediate outlook involves serious consequences. The dual appointment of administrators and receivers almost certainly guarantees immediate store closures.

All eyes are now on FTI Consulting to see if they can find a way out of the deep hole the heritage retailer found itself in.