The move came after the department store’s private equity owners presented to landlords, confirming it put only $40m of its own funds into the purchase.
The stoush between Anchorage Capital Partners and Scentre Group, the operator of local Westfield shopping centres, appears to be escalating after the latter issued at least eight formal notices of lease breach to the private equity group’s newly acquired David Jones department store chain.. That means Scentre could, if it chooses, lock the company out of its stores or even terminate the agreements.
The other $40 million is debt. Among the lenders is Commonwealth Bank, which was an existing lender to David Jones. However, it is not the most significant party involved, although the others remain unclear. came shortly after the collapse of another company in Anchorage’s portfolio, Scott’s Refrigerated Storage
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