The iconic Australian department store will return to local stewardship after the current owner agreed to sell the business to a private equity firm after a near decade of excruciating ownership.
The current owner, South African company Woolworths Holdings Limited, signed an agreement with Anchorage Capital Partners in Melbourne on Monday morning agreeing to an acquisition.
Woolworths Holdings will still hold onto the Melbourne Bourke Street - said to be worth as much as $250m. Anchorage is hoping to turn around the beleaguered department store as it enters its 185th year of trading next year. Several interested parties were said to be interested in buying David Jones but ultimately Anchorage’s experience impressed Woolworths’ board.
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