David Jones goes into administration, with store closures expected and thousands of jobs at risk

Australian department store chain David Jones has gone into voluntary administration. The 188-year-old retailer said the move puts thousands of jobs at risk. Administrators will now run the business while they look for a buyer or restructure it, and store closures are expected. The company has stores at 17 Westfield shopping centres. Rising costs, weak retail sales and supply chain problems have all weighed on the business, and landlords say rent has gone unpaid.

David Jones was founded in 1838 and is often called Australia's oldest department store chain. For generations it was a symbol of upmarket shopping in Sydney and Melbourne. In recent years it struggled as shoppers moved online and to cheaper rivals. Voluntary administration lets a company keep trading while its debts are sorted out. It often ends in a sale, a slimmer business or closure.

Thousands of retail jobs and the future of city shopping districts depend on whether a buyer can be found.