Australia's Oldest Department Store David Jones Goes Into Receivership
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David Jones, Australia's oldest department store, has entered receivership after 188 years of business.
Receivership happens when a company cannot pay its debts. Special people called receivers then take control of the company.
The receivers will review David Jones's operations. This means they will examine how the business works and make decisions about its future.
Despite this news, the company's 38 physical stores across Australia will keep operating as normal for now.
The brand's online site will also continue to run. Customers can still shop there while the review takes place.
Nothing will close immediately. The receivers need time to look at all parts of the business first.
David Jones has a very long history in Australia. It is known as the country's oldest department store, having served customers for almost two centuries.
It is not yet clear what the receivers will decide about the store's future. They may find ways to save parts of the business, or they may make other changes.
For now, shoppers and staff can continue as usual. The 38 stores and the website remain open to the public.
More details are expected once the receivers finish their review of the company's operations and finances.
Vocabulary8 words
- department store
- a large shop selling many different kinds of products
- receivership
- a situation where a company with debt problems is controlled by special managers
- receivers
- people appointed to manage a company that cannot pay its debts
- physical stores
- real shops, different from online shops
- brand
- the name used to identify a company or its products
- operations
- the daily activities and work of a business
- review
- a careful look at something to understand or judge it
- debts
- money that a person or company owes
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Quiz
Answer key
1. Special managers now control the company because of money problems 2. They will keep operating as normal for now 3. 188 years
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Fill-in-the-blank listening
Play the audio again and fill in the missing words as you listen.
David Jones, Australia's oldest department store, has entered _____ after 188 years of business.
Receivership happens when a company cannot pay its _____. Special people called receivers then take control of the company.
The receivers will _____ David Jones's operations and make decisions about its future.
Despite this news, the company's 38 physical _____ across Australia will keep operating as normal for now.
The brand's online _____ will also continue to run.
Nothing will close _____. The receivers need time to look at all parts of the business first.
David Jones is known as the country's oldest department store, having served customers for almost two _____.
For now, shoppers and staff can continue as _____.
Discussion questions
- Why do you think a company might go into receivership?
- What could happen to a famous old business like David Jones in the future?
- Do you think it is important for countries to keep old, historic shops open? Why or why not?
- How might customers feel when they hear news like this about a store they often visit?
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