David Jones begins restocking ahead of extended Black Friday sales
Receivers say the department store is fully operational and placing new orders after directors surrendered the business, while shoppers continue to visit in record numbers.
Receivers for David Jones announced that the retailer is "fully operational" and is placing new orders to replenish shelves as it prepares for an extended Black Friday period that began in early November. The statement noted that foot traffic and sales in stores and online have reached record levels following the surrender of the business by the company's directors last Thursday.
"Foot traffic and sales throughout David Jones stores and online has been at record levels, reinforcing the public’s love for David Jones and support for an iconic Australian brand," said FTI Consulting receivers Christopher Hill, David McGrath and Joanne Dunn.
The receivers added that any discounts or clearance promotions will be reviewed in the coming weeks and that the retailer will continue to offer a 14-day change-of-mind window under Australian consumer law. They reported "very positive engagement" with brand partners and said shelves are being restocked despite a few luxury concessions withdrawing.
"There are no updates to communicate about David Jones’ retail footprint at this time," the receivers stated.
Restructuring firm McGrathNicol said it has received an "extraordinary" level of interest from a range of credible industry players and financial investors in acquiring the business. The firm highlighted that the administration process could give a future buyer flexibility to adopt a streamlined operating model aimed at restoring competitiveness and customer relevance.
Employees will be the first to learn of any store closures, which remain under review.