Teoh Capital is mulling a bid for the storied department store chain, along with Phil Cave’s Anchorage Capital Partners.
Teoh Capital – the private investment firm of billionaire David Teoh and his family – has joined an auction for the nation’s oldest department stores chain David Jones which could spell the end of rather painful era for its South African owners.Street Talk column revealed on Thursday that Teoh Capital is mulling a bid for the department store, a move which comes as a surprise to many in the retail sector because its investment focus is in technology and software-as-a-service companies.
Talk of a David Jones sale has been bubbling for a year, but now the chain is debt free and does not need to be supported by its parent Woolworths Holdings Ltdas shoppers head back to stores searching for new experiences after two years of COVID-19 upheaval. This comes after the South Africans spent several years seeking to turn the 184-year-old retailer’s fortunes after splashing more than $2.1 billion buying it in 2014.
Woolworths sold David Jones’ crown jewels, its Elizabeth Street and Market Street sites in Sydney and its menswear store in Melbourne in 2021, for more than $990 million to repay debts, retaining only the Bourke Street storeThe iconic department store opened its doors in 1838 with the mission to sell “the best and most exclusive goods”.ooking to play to the heritage of David Jones as the oldest continuously operating department store in the world still trading under its original name.
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