Key Takeaways
- • Former David Jones chief executive Scott Fyfe has filed proceedings in the Supreme Court of Victoria seeking to compel the department store's parent company or its private equity owner to buy all shares held by entities associated with him.
- • The lawsuit was filed at the end of the previous month, according to the report, and its outcome is clouded by David Jones' collapse into voluntary administration.
- • The case centres on a share buyout that Fyfe's family shareholding would be forced into, with ACP Riley Street Group and Anchorage Capital Partners named as the potential buyers.
Summary
Former David Jones chief executive Scott Fyfe is seeking a court order to force the department store chain and its private equity owner to buy out his family's shareholding. According to the Australian Financial Review, Fyfe filed the proceedings in the Supreme Court of Victoria at the end of the previous month.
The orders sought would compel David Jones' parent company, ACP Riley Street Group, or its private equity owner, Anchorage Capital Partners, to purchase all shares held by entities associated with Fyfe. The filing names both entities as potential buyers of the stake.
The retailer's collapse into voluntary administration has introduced significant uncertainty over the lawsuit. The report does not detail the financial terms of the shareholding or the valuation sought, and the available source material is limited to the opening of the proceedings and the administration context.
The orders sought would compel David Jones' parent company, ACP Riley Street Group, or its private equity owner, Anchorage Capital Partners, to purchase all shares held by entities associated with Fyfe. The filing names both entities as potential buyers of the stake.
The retailer's collapse into voluntary administration has introduced significant uncertainty over the lawsuit. The report does not detail the financial terms of the shareholding or the valuation sought, and the available source material is limited to the opening of the proceedings and the administration context.
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