SYDNEY — David Jones, the 188-year-old department store chain, has been placed into voluntary administration and receivership, putting about 6,000 jobs and one of Australia's best-known retail brands in doubt weeks before Christmas.

The company said its stores and online business would keep trading while the appointed advisers review operations. It is the first time David Jones has entered insolvency in its history.

McGrathNicol was appointed voluntary administrator. FTI Consulting was appointed receiver and manager. Christopher Hill, David McGrath and Joanne Dunn took control as receivers of ACP Riley Street Midco Pty Ltd, the parent company of David Jones Pty Ltd, Inside Retail Australia reported.

The collapse came after talks with its biggest landlord, Westfield owner Scentre Group, broke down, according to ABC News.

David Jones leases space in 17 Westfield centres. Scentre told the market this week that the retailer had paid its rent up to Sept. 30 but defaulted when it failed to pay an invoice due Oct. 1, according to Business News Australia. The default sparked days of speculation about the company's future.

Scentre said it had made a generous offer to David Jones' private equity owner, Anchorage Capital Partners, that would have allowed trading to continue, and that Anchorage rejected it, Yahoo Finance reported.........

© International Business Times