David Jones is shutting half of its 38 stores after falling into administration

David Jones is shutting half of its 38 stores after falling into administration, a formal process in which an appointed administrator takes over a company's affairs while it is in financial difficulty. The Guardian reported the closures. The retailer fell into administration under mounting debts.

The closures are reported alongside the latest annual results of Myer, which reported double-digit sales growth to $4.1bn in its last financial year. That lift was driven by newly acquired apparel chains: Just Jeans, Jay Jays, Portmans, Dotti and Jacqui E, which were bought from Solomon Lew's Premier Investments.

Myer's annual report said the company used higher than planned promotional activity, or sales promotions, to stimulate demand, and that this reduced its profitability. The company also cut the value of its brands by more than $200m in one year.

Myer finished the last financial year with a $100m net cash buffer. It had reduced its store numbers to 56 from 60 before the pandemic.