David Jones suppliers have taken to social media to highlight their financial plight, saying they have sent goods worth thousands of dollars to the collapsed department store, but now face uncertainty over payment.
asserted
they → take → payment
The retailer is still accepting gift cards despite its collapse into administration on Thursday, but the company’s new managers would not say for how long.
asserted
managers → accept → Thursday
The main issue for shoppers is working out what they can actually buy as suppliers and brands that operate the mini-stores within David Jones – called concessions – continue to strip shelves of their stock amid worries they will not be paid.
asserted
they → work → worries
Sydney Jewellery designer Shelley Tzeegankoff, posted a video on TikTok of her attempting to retrieve $50,000 worth of earrings, rings, bracelets and necklaces that she shipped to David Jones on the morning of its collapse.
asserted
she → post → collapse
The post is labelled, “POV: David Jones just went into administration your brand shipped them $50k worth of stock this morning.”
asserted
brand → label → stock
She’s not the only one.
asserted
She → ’ → ?
Jacob Leung, co-founder of homewares group Slowdown Studio, said the business was now $75,000 out of pocket.
asserted
business → say → pocket
“We got this great order from David Jones about a year ago, and then they put in a second order more recently.
asserted
they → get → order
That second order arrived to them three weeks ago, without payment terms.
asserted
order → arrive → terms
That was meant to get paid on Monday, the Monday we just had.
asserted
we → mean → Monday
And then today, this in the news,” Leung said in an Instagram post on Thursday.
asserted
Leung → say → Thursday
“What really frustrates me about this whole situation is that we had to bend over backwards for them.
asserted
we → frustrate → them
They told us payment terms.
asserted
They → tell → terms
They told us ‘this is the discount you need to give us’.
asserted
you → tell → us
We had to pay for shipping.
asserted
We → have → shipping
They wanted customised packaging.
asserted
They → want → packaging
We had to go above and beyond, and this is how we are paid, with nothing.”
asserted
we → have → nothing
The private equity group that owned David Jones, Anchorage Capital, has already flagged plans to make a bid for the business once the restructuring – which will involve store closures and mass lay-offs – is completed by the receivers appointed on Thursday.
asserted
which → own → Thursday
A source representing other suppliers, who did not wish to speak publicly given the sensitive situation of David Jones owing them money, said suppliers were worried they wouldn’t get paid for stock currently in the hands of the retailer and were pulling out.
asserted
they → represent → retailer
“It’s like ram raids,” they said of the scramble to withdraw stock.
asserted
they → ’ → stock
Gucci, Scanlan Theodore, Yves Saint Laurent, Viktoria & Woods and Oroton were among dozens of designer brands deserting their concession stores after David Jones staff were told on Thursday morning that the retailer had collapsed.
asserted
retailer → desert → morning
But one of the concessionaires could not understand the logic of removing stock now.
uncertain
one → understand → stock
“To me, it’s quite bizarre.
asserted
it → ’ → me
All of these concessions taking all their stock out because it’s their stock, they own it; and from today everything you sell through their system goes to you,” they said while also requesting to remain anonymous as David Jones is late with its payment to them.
asserted
Jones → take → them
On Thursday morning, David Jones’ chief executive Erica Berchtold and board directors handed the reins of the business to voluntary administrator McGrathNicol, which will run the sale process for the retailer, while FTI Consulting has been appointed receiver and will handle the company’s operations.
asserted
Consulting → hand → operations
FTI declined to say when it would offer an update on a restructure that is expected to close dozens of stores and lead to the group shedding thousands of staff.
asserted
group → decline → staff
David Jones currently employs nearly 6000 workers, and store closures will have a significant flow-on effect for landlords which tend to have Coles, Woolworths, David Jones and Myer as anchor tenants in the major shopping centres.
asserted
which → employ → centres
- Shelves stripped bare: Luxury brands desert David Jones after surrender to administrators
-
asserted
brands → strip → administrators
Analysis: No one will be celebrating more than Solomon Lew, writes Colin Kruger
-
asserted
Kruger → celebrate → Lew
Want to know why DJs went bust?
asserted
DJs → want → ?
Walk through one of its stores writes Melissa Singer
asserted
Singer → walk → stores
I’m sorry for my part in its demise, writes Stephanie Peatling
The Business Briefing newsletter delivers major stories, exclusive coverage and expert opinion.
asserted
newsletter → ’m → stories
The Aporia
