David Jones sold to private equity firm

December 19, 2022 05:33 PM AEDT | By AAPNEWS

Google News:

Image source: AAPNEWS

Recent News

CSL (ASX:CSL) Share Price Under Watch: Exploring the Resilience of a L...

Whitehaven (ASX:WHC) Gains Momentum with Coal Price Recovery: A Key AS...

ZhongAn Online Completed US$500 Million H Share Placement to Fuel Stra...

ASX 200 Materials Shares Under Pressure as Sector Wraps Up a Challengi...

Department store chain David Jones will be back under Australian ownership, after being bought by a private equity firm.

Anchorage Capital Partners on Monday announced it would acquire the 185-year-old brand following an agreement with previous owners, South African-based Woolworths Holdings Limited.

Woolworths bought David Jones in 2014 for $2.1 billion, but neither group disclosed what the sale was worth.

The deal is expected to be completed by the end of March next year.

A spokesman for Anchorage said the firm would work closely with David Jones chief executive Scott Fyfe on the the company's transformation.

"Under this team's stewardship, David Jones is now profitable, cash-generative, and self-funding, and we are confident in David Jones' next chapter as the retailer of the future with a seamless omnichannel experience," the spokesman said.

"This transaction aligns with Anchorage's investment strategy and its successful track record of executing complex carve-outs.

"David Jones has a storied history, immense brand value and unparalleled assets - including an attractive retail footprint, a loyal customer base, and dedicated employees."

Mr Fyfe said Anchorage shared the company's vision for how the stores would look into the future.

"Together, we see many opportunities to optimise value and innovation in the David Jones business as we enter a new phase of growth," he said.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (“Kalkine Media, we or us”), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary.
The content published on Kalkine Media also includes feeds sourced from third-party providers. Kalkine does not assert any ownership rights over the content provided by these third-party sources. The inclusion of such feeds on the Website is for informational purposes only. Kalkine does not guarantee the accuracy, completeness, or reliability of the content obtained from third-party feeds. Furthermore, Kalkine Media shall not be held liable for any errors, omissions, or inaccuracies in the content obtained from third-party feeds, nor for any damages or losses arising from the use of such content.
Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyrighted to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have made reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.
This disclaimer is subject to change without notice. Users are advised to review this disclaimer periodically for any updates or modifications.