Troubled retailer David Jones will close some of its 48 stores and sell property to reduce its $464 million debt pile following a plunge in sales during the coronavirus shutdown.
In a trading update on Wednesday afternoon, David Jones' South African-based parent company Woolworths Holdings told investors it had kicked off a number of strategic initiatives to strengthen the business in the pandemic and revitalise its struggling Australian brands.
UBS will look at restructuring borrowings and review the property holdings to find ways to pay off the nearly $500 million in debt owed by David Jones and CRG, it said.As a first step in that strategy, the South African parent company said it has found a buyer for Discussions are also underway with local landlords over an "accelerated restructure" of David Jones' store network and floor space, which will see the retailer close some stores and shut floors at some of its larger locations, Woolworths said.
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