David Jones is in deep financial trouble, struggling to pay suppliers for months, forcing some big names like Accent Group to threaten legal action and switch to cash-only deals. The retailer’s new 20-week payment terms are crippling smaller suppliers who’re forced to front cash for inventory. Top designers are fleeing to Myer, raising alarms about David Jones’ health after earlier claims of profitability. New CEO Erica Berchtold brought in Hilco Capital for a “reset,” but suppliers want immediate payment—not damage control. With consumer spending down and interest rates looming, David Jones is walking a tightrope, hoping the economy stabilizes before shelves go bare.
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