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Australian retail billionaire Solomon Lew is among about 30 parties that have lodged interest in rescuing David Jones, the collapsed department store chain, alongside fellow billionaires Mike Ashley, Larry Kestelman and Brett Blundy.
The field emerged after expressions of interest closed on Nov. 13, a little over a week after the 188-year-old retailer was placed in voluntary administration. The suitors include industry players as well as financial investors.
David Jones's board appointed McGrathNicol as administrators on Nov. 5. On the same day, secured lender Hilco Capital put the business into receivership and appointed FTI Consulting as receivers.
Matthew Hutton, a partner at McGrathNicol, has said the administrators received an "extraordinary level of inbound interest" and are looking for a buyer who can build a "streamlined and agile operating model."
The bidders
Lew, the chairman of Premier Investments Ltd., built his fortune in clothing and specialty retail. Premier owns the Smiggle stationery chain and Peter Alexander sleepwear, and the company has long held a large stake in rival department store group Myer. Forbes lists him among Australia's billionaires.
Ashley founded Frasers Group Plc, the British retailer behind Sports Direct and the House of Fraser department stores. He has a long record of buying distressed retailers out of administration in the U.K.
Kestelman made his fortune in telecommunications as the founder of internet provider Dodo and has since built a large property and investment portfolio. Blundy founded lingerie chain Bras N Things and runs BBRC, the family office that holds his retail investments, including a large stake in jewelry chain Lovisa Holdings Ltd.
Losses and debt
David Jones lost A$95.5 million ($65.9 million) before tax in the year to June 29, 2025, up from A$74.1 million ($51.1 million) a year earlier, according to accounts filed with the Australian Securities and Investments Commission. Suppliers had been placed on extended payment plans before the collapse.
Private equity firm Anchorage Capital Partners bought the chain for about A$100 million ($69 million) in 2023. South Africa's Woolworths Holdings Ltd. had paid A$2.1 billion ($1.45 billion) for it in 2014.
The receivers have reported record in-store and online sales since the collapse and are restocking the stores ahead of the Christmas season, backed by funding from Hilco. Chief Executive Officer Erica Berchtold has said the company has "a well-developed plan on how to reset the business for the future."
Founded in Sydney in 1838, David Jones is often described as the oldest department store in the world still trading under its original name.
Figures were converted at A$1.45 to the dollar.
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