David Jones may close up to 20 stores as losses widen
The 188-year-old retailer is considering shutting 12 to 20 locations after reporting a pre-tax loss of $95.5 million for the year to June 2026.
David Jones, the historic Australian department-store chain, is evaluating the closure of between 12 and 20 stores following a $95.5 million pre-tax loss for the financial year ended June 29, 2026. Five of the sites under review are located in Westfield shopping centres in Perth, Sydney, Canberra and Melbourne, all of which are currently operating at a loss, according to the Australian Financial Review.
The retailer, which runs 38 stores across Australia and New Zealand, has already closed outlets in Tuggerah on the Central Coast and Castle Hill in Sydney earlier this year. It declined to comment on speculation about further closures while finalising its 2025-26 accounts, which its auditor PwC missed the ASIC deadline to submit.
Industry observers note that the chain’s financial strain has grown, with the pre-tax loss widening from $74.1 million in 2024. The company has reportedly required rent concessions, including a zero-rent month in December, the busiest retail period.
Barry Urquhart, managing director of Marketing Focus, told the Daily Mail that the retailer has been in trouble for some time and suggested it may not survive in the near future. He also said the decline in the company’s valuation – bought by Anchorage Capital Partners for $100 million in 2022, down from $2.1 billion in 2014 – reflects the depth of its challenges.
Rumours indicate that Anchorage Capital Partners could be seeking a buyer, with an asking price of $100 million. The number of David Jones stores has fallen from 43 in 2019 to 40 by the end of 2025.