David Jones Has Collapsed, What Happens Now?

Australian retailer David Jones has been placed into voluntary administration, a process that provides a temporary pause for review and breathing room. Professional service firm McGrathNicol has assumed control, and creditors will ultimately decide the company’s fate. Hilco, the primary secured creditor, is owed more than $200 million and has appointed a receiver.

• David Jones has entered voluntary administration.
• McGrathNicol is now in control of the business.
• Hilco, the major secured creditor, is owed over $200 million.
• Hilco has appointed a receiver to protect its assets.
• The first creditors’ meeting is scheduled for November 10th.