The future of David Jones Westfield locations in doubt after missed deadline

The future of multiple David Jones stores is in doubt after the company failed to meet a deadline to file its accounts with the corporate regulator for a second year in a row.

The Australian Financial Review reports the struggling department store’s auditor PwC has not yet signed off on the accounts for the business, which it was required to file with the Australian Securities and Investments Commission (ASIC) by October 30.

It comes after reports the department store received $10 million in late October emergency funding from its senior lender to trade through the busy Christmas period.

The group is reportedly considering the closure of at least five more loss-making locations following the shuttering of two of its NSW stores – in Castle Hill and Tuggerah – in mid-January.

David Jones has not yet formally published a final list of permanent closures.

The retailer currently has 38 stores operating across Australia and New Zealand and reportedly has plans to cut that number to between 12 and 20.

The five Westfield locations reportedly in the firing line are Carousel in Perth, Parramatta and Hornsby in Sydney, as well as Woden in Canberra, and Southland in Melbourne.

These latest developments follow customer reports of issues redeeming store gifts cards this weekend, triggering fears for the immediate future of the business, with some consumer experts advising shoppers to use theirs as soon as possible.

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Shoppers told to consider using David Jones gift cards as iconic chain fights for future

Nine.com.au was later told this was the result of a technical issue, the global outage of GiveX, which is the third-party platform that supports David Jones gift card services. 

The company said the service had now been restored, aside from some maintenance that is still ongoing in some regions, and that David Jones would continue to operate as usual with no change to its day-to-day operations.

To a question about the company’s imminent future, a spokesperson for David Jones told nine.com.au: “David Jones does not comment on speculation in the media.

“CEO Erica Berchtold’s priority is to accelerate the execution of the business’s INSPIRE30 strategy and is in advanced discussions with key stakeholders about how David Jones is adapting to the ever-changing retailing landscape.

“This includes a review of the portfolio of stores across Australia and the trading terms with suppliers and brand partners.”

It was previously reported that the retailer sought and gained rental assistance including paying zero rent in December to landlords.

As part of the negotiation, it was reported that there was a third-party investor would inject equity into the business if the company can reach a deal with its main lender British special situations firm Hilco Capital.

The majority of the stores have 10 to 15 years remaining on leases.

Following news of the emergency Christmas funding, a Hilco spokesperson said: “Hilco has funded above the agreed facility to allow David Jones to increase stock holdings ahead of the busy Christmas trade and sales period. Hilco remains supportive of the business.”

David Jones, which has been run by Australian private equity firm Anchorage Capital Partners since 2023, has been in the sights of ASIC since 2025 when its filing for its accounts were six months late.

The company released details about its performance in the first nine months of 2026 in an attempt to demonstrate its plan to revamp the business.

In that period earnings before interest, tax, and depreciation increased four-fold to $15 million and sales were reportedly up 3.6 per cent.

An ASIC spokesperson told the Australian Financial Review David Jones remains under an active investigation for the 2025 accounts that showed another major loss of $95.5 million. The year before, the company posted a loss of $74.1 million.

David Jones has been lashed by collapsing sales, rising losses, and an exodus of major fashion brands.

Brands including Country Road, Witchery and Mimco are among the brands looking to scale back their presence, while luxury labels including Gucci, Chanel and Christian Dior have already reduced their footprint.