Private Equity Ruins Yet Another Nice Thing

WENDELL HUSSEY | Cadet | CONTACT

Faceless men in nice suits have claimed another victim this week, as David Jones has officially gone into administration.

The iconic Australian institution has appointed administrators, after they failed to pay rent to their landlords across the chain for the month of October.

The business will allegedly be re-structured and put up for sale, in the hope that some vulture capitalist is brave enough to buy it.

The 188 year old department store chain that has 37 stores across the nation will of course now fire a fuck load of staff and call time on a shopping experience beloved by many across the generations.

This comes 3 years after private equity firm Anchorage Capital picked up the business, which has been gutted of experienced staff, memorable shopping experiences and of course the man on the piano.

In a tale as old as the modern financial system, private equity has ruined another nice thing that contributed to our culture.

Working to improve and restructure the company over a 5-to-10-year period to try and sell it for a profit, private equity has yet again gone in fucked it.

Instead of turning it into a profitable business, they've instead ruined all of the nice things about DJs, with just a handful of professionals who can fit you up, sort you out, and get a few buttons unpicked left in the respective building.

Now, DJ's has been driven into the wall and those retail professionals have been left to fend for themselves in a modern world of fast fashion and online shopping that doesn't appreciate the craft.

More to come.