Sydney private equity firm Anchorage Capital Partners has bought upmarket retailer David Jones from its South African owner for about $100 million, a fraction of the $2.1 billion Woolworths Holdings paid in 2014, ending a painful period of ownership.
Anchorage aims to continue the turnaround of the 184-year-old retailer that operates 43 stores in Australia and New Zealand, two distribution centres and a growing e-commerce business. The retailer employs 7500 people.
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Carrie LaFrenz is a senior journalist covering retail/consumer goods. She previously covered healthcare/biotech. Carrie has won multiple awards for her journalism including financial journalist of the year from The National Press Club. Connect with Carrie on Twitter. Email Carrie at carrie.lafrenz@afr.com