David Jones’ new private equity owner, Anchorage Capital Partners, got the up-market department store chain for a steal, bringing the 185-year-old retailer back into Australian hands for $283.5 million less than its full value.

Anchorage paid $92.5 million for the group in March – a mere fraction of the $2.1 billion South Africa’s Woolworths Holding purchased David Jones for in 2014 – yet this was just a quarter of its value. Financial accounts for David Jones’ new parent company, ACP Riley Street, show the retailer inclusive of its outstanding cash, inventory and other assets was worth $376 million.