00:01Well the department store David Jones, it has survived two world wars, a recession,
00:07but now there is reports that this department store is about to collapse into financial administration.
00:13The administrators could be called in as early as tomorrow with its board
00:18needing to decide which of the department stores 38 stores nationally need to close.
00:25Now one of its biggest landlords, Westfield, it has confirmed that David Jones is now behind on its rent
00:32that it hasn't paid for the month of October.
00:35Westfield's owner, Centre, has also said that it offered David Jones a financial lifeline
00:40that would have allowed it to keep trading, but this offer was knocked back.
00:45Now the ABC has also confirmed with the corporate regulator ASIC
00:49that David Jones is behind on lodging its financial accounts,
00:54that its financial accounts for the last financial year have not been lodged.
00:58Now we have also heard that there are brands that have been pulling or withholding stock from David Jones
01:04for fear that the store could close and that bills or invoices won't be paid.
01:10Now if David Jones is put into administration, this doesn't necessarily mean that the stores are going to immediately close.
01:18It could be traded out of its woes, stores could be closed down, while others like this iconic one on
01:25Melbourne's Bourke Street could be kept open.
01:29Now David Jones has been around for 188 years.
01:34Its main rival is Meijer, which itself merged with another retailer just early last year in a bid to keep
01:42itself viable
01:43as people are going to online shopping and younger shoppers are seeking out bargains elsewhere.
01:49The two parts are not so isolated that are being charged with Greg Borke.
01:49that we can't even get to the labor forward.
01:50Yeah, so that's the reason it's a very good stretch.
01:50You can get to the noise for a person with these.
01:50You can get to the characters or the characters.
01:51Do you want to practise these?
01:51Yeah, so we can get to the country.
01:51What is it that when we can get to this?
01:51Where we're going to be done?
