// BBC BUSINESS NEWS — FINANZA
Australia's oldest department store David Jones collapses after 188 years
Australia's oldest department store, David Jones, has gone into voluntary administration
David Jones, Australia's oldest department store chain, has gone into voluntary administration, putting thousands of jobs at risk.
It comes after years of financial struggles for the 188-year-old retailer - known locally as DJs - as customers desert traditional shops for online shopping.
David Jones's physical and online stores will continue to operate while receivers FTI Consulting review the company, said voluntary administrators McGrathNicol.
"David Jones is an iconic company and so many Australians have stories and memories of visiting DJ's stores," said its CEO Erica Berthold, adding the brand has a "well-developed plan" to "reset the business for the future".
Berthold thanked "customers, our team members and our partners for their continued support of David Jones through this period".
David Jones employs about 6,000 staff and has 38 physical stores, with 17 of those in Westfield shopping centres.
Hours before the board voted to go into administration, Scentre - which owns Westfield - said the retailer had not paid its rent for October and was "therefore in breach" of its tenancy agreement.
"We understand the current retail trading environment, rising costs, a significant and outdated retail footprint, and supply chain challenges have led to this point," said Christopher Hill from receivers FTI Consulting.
By appointing administrators and receivers, David Jones will get "breathing space" and a chance to restructure the business, Hill said.