The future of local department stores

  Third quarter results from David Jones and Myer provide a timely caution to Woolworths in mapping out its plans for the David Jones department store chain. As expected, Woolworths, a listed South African retailer which has no connection with the Australian retailer, has received a green light from the Foreign Investment Review Board for its $2.15 billion takeover of David Jones. In the absence of any other suitor, the $4 a share takeover bid will now be determined by a vote of David Jones

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