David Jones has announced plans to scale back its network after suffering $33mn in losses amid COVID-19. It should close 20% of its stores within the next two years. The original plans to downsize by 2025 would be fast tracked to be completed within two years, with as many as ten stores set to shut. The company also received non-binding offers for the potential sale and leaseback of the real estate of David Jones department chain. Discussions are also progressing with the landlords on rent abatements and reductions in floor space.