Department store icon David Jones will fall back into Australian ownership just in time for Christmas.
Department store icon David Jones will fall back into Australian ownership after Sydney-based private equity firm Anchorage Capital inked a deal to buy the 184-year-old retailer from its South African owners in time for Christmas.
After a tumultous eight years of ownership, Woolworths Holdings has sold on David Jones into private equity.“David Jones has a storied history, immense brand value and unparalleled assets,” they said.have been swirling since the middle of this year, with the South African retailer looking to exit the business having purchased it for $2.1 billion in 2014.
Anchorage is snapping up the department store icon at a fraction of the cost that it bought the brand for eight years ago.
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