Australia's oldest department store David Jones collapses after 188 years

David Jones, Australia's oldest department store chain, has gone into voluntary administration, putting thousands of jobs at risk.

It comes after years of financial struggles for the 188-year-old retailer - known locally as DJs - as customers desert traditional shops for online shopping.

David Jones's physical and online stores will continue to operate while receivers FTI Consulting review the company, said voluntary administrators McGrathNicol.

"David Jones is an iconic company and so many Australians have stories and memories of visiting DJ's stores," said its CEO Erica Berthold, adding the brand has a "well-developed plan" to "reset the business for the future".