David Jones enters administration, leaving suppliers with unpaid invoices
Consensus Summary
The immediate next steps remain unclear, but both outlets suggest the creditors’ meeting next week will be pivotal. The Guardian reports that receivers FTI Consulting and administrators McGrathNicol are seeking a buyer or fresh capital injection, though no timeline or potential suitors have been named. ABC notes that David Jones will continue trading during the review, but suppliers like Beysis and Slowdown Studio are already bracing for further financial strain. The Guardian warns that small brands may struggle to recover lost funds, with Leung of Slowdown Studio acknowledging they might only recoup ‘cents in the dollar.’ Meanwhile, Creswick Woollen Mills is pivoting to its own sales channels, framing it as a ‘next 80 years’ strategy. The uncertainty hangs over suppliers, who must decide whether to continue stocking a retailer in administration, with no clear resolution in sight.
✓ Verified by 2+ sources
Key details reported by multiple sources:
- David Jones, an 188-year-old department store, entered voluntary administration on Thursday morning.
- A creditors’ meeting is expected to be scheduled for next week.
- David Jones has 38 stores and employs an estimated 6,000 people, some through concession brands.
- Beysis, a Sydney-based supplier, signed a deal with David Jones last September and had payment terms of 14 days.
- David Jones offered small suppliers payment terms stretching out to about six months.
- David Jones began stocking Creswick Woollen Mills in 2001, a family-run operation for 75 years.
Points of Difference
Details reported by only one source:
- David Jones' suppliers reported payment delays starting after April, with invoices unpaid beyond 30 days.
- Creswick Woollen Mills withdrew its stock from physical stores a few years ago and only traded through David Jones online stores.
- David Jones 2.0 is described as Creswick Woollen Mills' own e-commerce and in-store sales channels for the next 80 years.
- Beysis negotiated a discount in exchange for payment within 14 days, but payments drifted beyond 30 days after April.
- A meeting for creditors will be held next week (mentioned twice).
- Slowdown Studio, another supplier, sent an invoice for almost $75,000, which was unpaid despite being due on Monday.
- David Jones asked suppliers if they would continue supplying during administration via a letter.
- Small suppliers are told they have no legal grounds to take back unpaid products, even if invoices remain unmet.
- Big luxury brands operating through concession stores can negotiate better payment terms and pull stock if David Jones closes.
- The Guardian reports that David Jones ran into cashflow trouble months before administration, with missed rent payments to Westfield owner Scentre Group triggering the fall.
Where the reporting differs
Details that conflict, or appear in only some outlets:
- The ABC states David Jones entered administration on Thursday morning, while the Guardian does not specify the exact time but confirms the event on Thursday.
- The ABC mentions a 14-day payment term for Beysis, while the Guardian describes the same term as '14-day payment terms' but also notes that payment terms stretched to about six months for some suppliers.
Source Articles
David Jones suppliers left with unpaid invoices
David Jones' suppliers tell the ABC they could see "the writing on the wall" as payment times got longer and telephone calls went unanswered.
David Jones was months behind in payments to some small Australian brands before going into administration, suppliers say
Global luxury fashion houses clear their stock from the embattled retailer, but smaller local businesses are at the bottom of the creditor pile Get our breaking news email , free app or daily news podcast In April, half of a 40ft shipping container loaded with premium water bottles, coffee tumblers, wine coolers, Eskies and other drinkware was dispatched to David Jones’s flagship stores, marking a major achievement for fledgling Australian brand Beysis. For co-founders Ariana Hendry and Jessica
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