A binding agreement has been entered by private equity firm Anchorage Capital Partners to acquire David Jones from South African retail company Woolworths Holdings.
While the sum is undisclosed, a spokesperson for Anchorage said the deal is a “landmark transaction” and that the firm was thrilled to take on the 183-year-old department store.
“David Jones has a storied history, immense brand value and unparalleled assets — including an attractive retail footprint, a loyal customer base, and dedicated employees,” the spokesperson said. “The Anchorage team will work closely with CEO Scott Fyfe and the talented David Jones management team on the next phase of its transformation,” the spokesperson continued.
Fyfe said that he and the Anchorage team see many opportunities to optimise value and innovation in the David Jones business. “David Jones has been through a significant transformation, driven by our Vision 2025+ strategy, and I look forward to working with the Anchorage team to further enhance the leadership position of David Jones in Australia as the nation’s leading omni-channel retailer and one of its most loved and long-standing brands,” he said.
