The Morning Brief · 10 November 2026
David Jones
On 24 May 1838 a Welsh immigrant opened a shop on the corner of George Street and Barrack Lane in Sydney. It sold drapery, furniture and general outfitting. On Thursday 5 November 2026 the company that still carries his name entered voluntary administration, and its lender sent in receivers. So how does a store bought for about A$2.2 billion sell for about A$100 million nine years later, and then fall behind on its rent?
The oldest name on the high street.
David Jones runs 38 department stores, 37 in Australia and one in Auckland, and employs about 6,000 people. It says it is the oldest department store in the world still trading under its first name. Since 2023 it has belonged to Anchorage Capital Partners, an Australian private equity firm.
Two owners, two fresh starts.
Each new owner in the last twelve years promised the old store a new life.
- An upmarket South African retailer would make the Australian store payWoolworths Holdings, which bought David Jones in 2014 for about A$2.2 billion (Bloomberg)Sold in 2023 for about A$100 million
- A smaller, more exclusive David Jones of about 12 storesThe plan the company had hoped for, as reported by the Australian Financial ReviewRent talks failed on 4 November
- The administrators now decide
a well-developed plan on how to reset the business for the future
Erica Berchtold, chief executive, 5 Nov 2026
One minute read. Four to go.
The Power Test · Question 36 of 35
Is your company planning to close sites that it has not yet agreed with the landlords?
This question is about your company, not David Jones.
Your answer stays on this screen. The advice opens free when you join the Morning Brief.
- In your company
- The sign: a plan to close stores that waits on landlords who have not said yes, while losses grow. The check: list each site’s profit after rent and each lease’s next exit date on one page. The move: pick the sites that stay this week, and open talks on the rest while the rent is still paid.
- In your investments
- The sign: a retailer with years of losses, a plan to shrink that is reported but not signed, and landlords saying rent is late. The check: read the notes to the accounts for what the leases cost and when they end, and look for landlords saying rent is overdue. The move: treat a shrink plan as a hope until the leases are signed.
- In your career
- The sign: your company talks about a smaller future but keeps every site open, and the rent conversations keep slipping. The check: ask who owns the list of sites that stay, and the date it goes to the landlords. The move: offer to build that list yourself. If the cuts have already been forced, help write the next plan from the stores that still earn.
— Max Noble
Take the short test, 2 minutes →The full chapter is in the book →
What the room knows about David Jones
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- A A$2.2 billion store and its A$100 million price tag, in one chart
- The rent that stopped on 30 September
- Three moves I would make in the chair
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Free. No noise. One reply is enough to leave the list. Not investment advice.
Two owners, two price tags, two years of losses.
In 2014 Woolworths Holdings of South Africa bought David Jones for about A$2.2 billion, Bloomberg reports. Its own boss later said the two retailers were “fundamentally different”.
In 2023 it sold the chain to Anchorage for about A$100 million. Ninety-five cents in every dollar went missing in nine years. Even the January sale does not go that deep.
The losses kept coming under the new owner. David Jones lost A$74 million in 2023/24 and A$95.5 million in 2024/25, AAP reports.
What the chain was sold for, A$ million
Profit or loss, A$ million
The rent stopped. The lender moved first.
David Jones had hoped to become a smaller, more exclusive retailer with about 12 stores, the Australian Financial Review reported. That needed its landlords to agree.
Scentre Group, which owns the Westfield centres, says rent was paid up to 30 September. David Jones trades in 17 of its centres. Vicinity Centres says it was owed about A$2.2 million in rent at the end of October.
On Wednesday 4 November talks on three months of rent relief and a smaller network failed, the Financial Review reported.
A plan to shrink needs a landlord who says yes, and time to hear it.
On Thursday 5 November McGrathNicol were appointed voluntary administrators. Voluntary administration is an Australian court-free rescue process: outside experts take control and look for a buyer or new money.
The lender, Hilco, appointed FTI Consulting as receivers and managers. Receiver Christopher Hill pointed to “rising costs, a significant and outdated retail footprint, and supply-chain challenges”.
The stores and the website keep trading. The restructuring is likely to close some stores, AAP reports. The plan to shrink survives. Somebody else now holds the pen.
How David Jones reached the administrators
The right plan, too late to sign.
My call: David Jones tried to shrink by agreement and ran out of rent before the landlords agreed. Administration could now let it shrink by order instead. Whether the name survives may depend on how many stores a buyer wants to keep.
Three moves I would make in the chair.
Win Christmas in the flagships.
December is when a department store earns its year. Keep the best stores full, staffed and lit.
Pick the smaller chain once.
Name the stores that stay in one list, not a drip of closures. Staff, brands and landlords can plan around one list.
Show buyers the stores that pay.
A buyer will pay for stores that earn more than their rent. Put that list, store by store, on the first page.
Shrink on Purpose Before You Shrink by Force
Sydney, 24 May 1838. A Welsh immigrant opens a shop on George Street. It sells drapery, furniture and general outfitting. In 2014 a South African retailer pays about A$2.2 billion for it. In 2023 it sells for about A$100 million, a markdown even the January sale would not dare. The new owners reportedly plan a smaller chain of about 12 stores. Then the catch: smaller needs the landlords’ yes. The rent is paid to 30 September 2026. Rent talks fail on 4 November, the Financial Review reports. The next day the administrators arrive. By the end of this chapter, you will see the shrink coming before the room does. Shrink on purpose before you shrink by force.
— Max Noble
David Jones reportedly planned a smaller chain of about 12 stores, and the rent ran out before its landlords agreed.
From the book in preparationThe 52 Laws of Business Power · the 2027 edition, out 31 OctoberRead every law so far →
The Power Test · Question 36 of 35
Is your company planning to close sites that it has not yet agreed with the landlords?
This question is about your company, not David Jones.
- In your company
- The sign: a plan to close stores that waits on landlords who have not said yes, while losses grow. The check: list each site’s profit after rent and each lease’s next exit date on one page. The move: pick the sites that stay this week, and open talks on the rest while the rent is still paid.
- In your investments
- The sign: a retailer with years of losses, a plan to shrink that is reported but not signed, and landlords saying rent is late. The check: read the notes to the accounts for what the leases cost and when they end, and look for landlords saying rent is overdue. The move: treat a shrink plan as a hope until the leases are signed.
- In your career
- The sign: your company talks about a smaller future but keeps every site open, and the rent conversations keep slipping. The check: ask who owns the list of sites that stay, and the date it goes to the landlords. The move: offer to build that list yourself. If the cuts have already been forced, help write the next plan from the stores that still earn.
— Max Noble
Take the short test, 2 minutes →The full chapter is in the book →
David Jones, the Sydney department store founded in 1838, entered voluntary administration on 5 November after rent talks with its landlords failed; the stores keep trading while the administrators look for a buyer.
You have read David Jones. Now make the board’s call.
Compete in The Power GameEvery number traceable.
- AAP (Nick Wilson, Derek Rose) via Port Macquarie News, 5 Nov 2026: voluntary administration and receivership; FTI Consulting receivers incl. Christopher Hill; McGrathNicol administrators seeking a recapitalisation or sale; 37 stores in Australia and one in Auckland; about 6,000 staff; losses of A$95.5m (2024/25) and A$74m (2023/24); restructuring likely to close some stores; CEO Erica Berchtold’s “well-developed plan” · portnews.com.au
- Bloomberg via BusinessTech, 5 Nov 2026: Woolworths Holdings bought the chain in 2014 for about A$2.2bn; Anchorage paid “little more than” A$100m; Vicinity says about A$2.2m of rent owed at 31 Oct; Scentre says rent paid to 30 Sep, 17 Westfield centres; talks on three months of rent relief and a smaller network failed on Wednesday, per the AFR; receiver Christopher Hill on “rising costs, a significant and outdated retail footprint, and supply-chain challenges” · businesstech.co.za
- Broadsheet (Lucy Bell Bird), 5 Nov 2026: 38 stores, more than 6,000 staff; Hilco appointed FTI Consulting as receivers; stores and online trading; the AFR reports David Jones had hoped to become a more exclusive retailer with 12 stores; Anchorage bought it in 2023 · broadsheet.com.au
- Museums of History NSW: David Jones opened on 24 May 1838 at George Street and Barrack Lane, Sydney; a Welsh immigrant who arrived in 1835; “drapery, furniture and general outfitting” (Register of Firms) · mhnsw.au
- Daily Investor, Dec 2022: Woolworths Holdings agrees to sell David Jones to Anchorage Capital Partners; CEO Roy Bagattini had said the two retailers are “fundamentally different” · dailyinvestor.com
David Jones entered voluntary administration, a court-free rescue process, on 5 November 2026; it has not been liquidated, and the stores keep trading. The 2014 and 2023 prices are approximate and come from press reports. The landlords’ figures are their own. The 12-store plan was reported by the Australian Financial Review, which I did not open. The verdict, the three moves and the law are Max Noble’s analysis. Not investment advice.
Shrink on Purpose Before You Shrink by Force
The same mistake, in your own world. Free, from the book.
- In your company
- The sign: a plan to close stores that waits on landlords who have not said yes, while losses grow. The check: list each site’s profit after rent and each lease’s next exit date on one page. The move: pick the sites that stay this week, and open talks on the rest while the rent is still paid.
- In your investments
- The sign: a retailer with years of losses, a plan to shrink that is reported but not signed, and landlords saying rent is late. The check: read the notes to the accounts for what the leases cost and when they end, and look for landlords saying rent is overdue. The move: treat a shrink plan as a hope until the leases are signed.
- In your career
- The sign: your company talks about a smaller future but keeps every site open, and the rent conversations keep slipping. The check: ask who owns the list of sites that stay, and the date it goes to the landlords. The move: offer to build that list yourself. If the cuts have already been forced, help write the next plan from the stores that still earn.