David Jones to close half its stores triggering mass job losses under ‘urgent restructure’

David Jones, Australia's oldest department store chain, has entered voluntary administration following years of significant losses. The company plans to close half of its 38 stores, resulting in substantial job cuts. FTI Consulting, the receivers, announced the restructuring as an urgent measure. David Jones currently employs over 6,000 staff, and the closures are expected to impact a large portion of the workforce. The decision comes as the retail sector faces ongoing challenges.