Firm sells David Jones for $120m after paying $2b eight years ago

Department store David Jones is tonight back in Australian hands for a bargain basement price. ChrisKohler 9News MORE:

Current David Jones CEO Scott Fyfe will continue on with the company and support it through "its next chapter of growth".

"The Anchorage team will work closely with CEO Scott Fyfe and the talented David Jones management team on the next phase of its transformation. David Jones will enter a long-term lease at the Bourke Street store in Melbourne as WHL holds onto the property and expects to sell it in the next 12 months.There are 43 stores across Australia and New Zealand.

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