David Jones missed deadline to file financial reports with ASIC — ABC News Australia

Australian department store chain David Jones missed the deadline to submit reporting for the latest financial year to corporate regulator ASIC. The company has also been at the center of reports about the possible closure of some stores and problems in relations with suppliers, ABC News reports.

Lender support

David Jones’ key lender, Hilco Capital, provided the company with additional funds ahead of the Christmas season so it could replenish its inventory. The lender did not disclose the amount of funding, but ABC News estimates it at about $10 million.

Hilco Capital said it continues to support the business and denied suggestions to the contrary. David Jones is owned by Australian private investment company Anchorage Capital Partners.

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Stores and suppliers

A representative of Anchorage Capital Partners declined to comment on the speculation but said David Jones is reviewing its store network and discussing measures with stakeholders to ensure financial viability. The chain currently has 38 stores across Australia.

Media have also speculated about the possible closure of several David Jones stores in Westfield shopping centres. According to ABC News, at least one major fashion brand removed some goods from the chain’s stores over concerns about its ability to pay its bills. Suppliers had already been granted extended payment terms for goods earlier this year.

The SDA retail workers’ union said it is contacting David Jones employees and informing them about their rights in the event the retailer ceases operations.