Iconic department store David Jones has been sold to private equity firm Anchorage Capital Partners for just $100million.
The company's South African-based owners Woolworths Holdings paid a staggering $2.1billion for the retail chain in 2014.
The 184-year-old business, which has 43 stores and two distribution centres across Australia and New Zealand, had been expected to sell for about $130million.
But the fire-sale deal was agreed after Woolworths Holdings was said to want out of Australia's department store industry because it did not foresee a return on its investment.
David Jones has sold for just $100million to Sydney private equity firm Anchorage Capital Partners
Speculation mounted last week that Sydney-based Anchorage was on the verge of snapping up the once-mighty department store chain.
Anchorage Capital describes itself as a firm that 'invests in businesses operating below their full potential or undergoing a significant transformation'.
David Jones, like many retailers, struggled amid lockdowns during the Covid pandemic and was forced to close some of its stores.
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