We had a range of David Jones experiences on show in the TDA office when we all returned to work after our weekends, with some feeling like they had entered a post-apocalyptic department store (”I think they even turned the air con off to make us all sweat in there as we fought to use our gift cards”) and others having a lovely, nostalgic trip down memory lane of trips to the shops with mum and dad.

Will we be saying “There was no other store like David Jones” soon? Read on for the latest.

The quote: “I owe my family and all of you an apology. I was unfaithful to my wife. My actions hurt her and our children. There is no excuse for what I did. I am deeply sorry.”
Nvidia CEO Jensen Huang has admitted to having an affair with a woman reported to be a suspected Chinese spy, apologising to his wife, family and company employees. The FBI is now investigating the relationship, while Nvidia has launched an independent board investigation. Investors have also filed a class action against Nvidia and Huang, alleging they failed to disclose information about the relationship that could affect the company.

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The graph:

The ASX 200 tracks the 200 largest companies listed on the Australian share market. In the past month, the ASX 200 has risen by 3.9%. This was due to oil prices falling sharply on hopes of progress in U.S.-Iran talks, easing worries about inflation, and a strong rebound on Wall Street lifting shares further.

The collapse of David Jones affects more than just the 188-year-old institution.

Customers and businesses alike are now unsure of their legal rights, from gift cards and returns to unpaid stock.

Here’s what we know so far.

Last week, David Jones entered voluntary administration after rescue talks with its biggest landlord, Westfield owner Scentre Group, broke down.

Voluntary administration is a process where an independent insolvency expert, known as an administrator, takes control of a company to assess its financial position and work out the best way forward.

At the same time, David Jones’ biggest lender appointed receivers, a separate group of experts whose job is to help it get its money back.

The receivers, FTI Consulting, are now running the stores, while the administrators, McGrathNicol, look for a buyer.

When news of David Jones’ collapse broke, questions started flying around the TDA office. “Can I still make a return?” and “What happens to my gift cards?” were among the most common.

TDA contacted FTI Consulting and McGrathNicol for clarification but had not yet received a response at the time of publication.

Vanessa Swain, Practice Leader at commercial law firm LegalVision, outlined what rights customers have if David Jones is refusing refunds or gift cards.

“A retailer that continues trading may choose to honour existing gift cards… sometimes subject to additional conditions. However, administration can affect whether those commitments are fulfilled,” she said.

She said consumer guarantees for faulty goods remain in place, even if a company enters administration. However, recovering money from an insolvent company can be difficult.

David Jones’ collapse has raised questions for businesses as well.

Two brands have shared how they have been affected.

Founder of Porter Jewellery, Shelley Tzeegankoff, sent $50,000 worth of stock to David Jones on the morning it entered administration. She was able to recover most of it, but $10,000 worth had already been delivered to stores.

She expects to be paid in full for the delivered stock. However, money owed from previous orders could take up to a year to recover, and she expects to receive only 3-10% of the amount owed.

Chloe Barry-Hang, the founder of K Juliet, said the brand had been paid for about a quarter of its first order, and had been told it was unlikely to see the rest. The stock it had delivered now legally belongs to David Jones.

So, what rights do suppliers have when a retailer owes them money?

“Their ability to recover payment depends largely on whether they have secured or unsecured rights,” Swain said.

Suppliers with unsecured rights may only receive part of what they are owed, or nothing, depending on the outcome. Those with secured rights are more likely to recover the full amount.

Reporting by Adam Wan.

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Australian data centre operator NextDC is facing a potential class action and growing speculation about a takeover after its share price plunged more than 40% last month. The company cut its FY27 forecasts after delays to a major power upgrade threatened capacity at one of its data centres.

Two law firms are now investigating whether NextDC failed to tell investors about the delays before cutting its forecasts.

Here is what you need to know.

NextDC is an Australian data centre operator founded in 2010. It runs 17 data centres across Australia and one in Malaysia, with Japan and New Zealand sites yet to open.

Data centres are large facilities housing computer servers that store and process information for websites, apps and digital services.

Demand for data centres has surged as businesses increasingly rely on cloud computing and AI.

In August, residents of Melbourne’s Yarraville suburb stopped workers from installing power poles intended to supply electricity to a nearby NextDC data centre, nicknamed “Mordor” by locals.

Residents raised concerns about the works’ impact on trees, nature strips, parking, traffic and footpaths, according to Maribyrnong Council.

The council also said electricity supplier Jemena had not obtained consent to carry out the street works.

The pole installation has since been paused.

NextDC cut about $140 million from its FY27 revenue and earnings forecasts, blaming delays to the power upgrades at its West Footscray data centre.

The company also put new projects and land purchases on hold.

Following the announcement, NextDC’s share price plunged around 40%, wiping about $3 billion off its market value.

The share price fall has sparked a potential class action and attracted interest from rival companies.

Gordon Legal and Shine Lawyers are separately investigating potential class actions against NextDC.

Gordon Legal is examining whether NextDC adequately and promptly disclosed the impact of the paused Yarraville power works on its financial forecasts.

This includes whether investors were properly informed before NextDC raised $1.1 billion through convertible notes in September, which can later be converted into shares.

Shine Lawyers is separately investigating whether NextDC misled investors or failed to disclose the impact of the power pole delays.

Its investigation covers a longer period, seeking to hear from investors who bought shares between 25 February and 20 October.

Neither firm has filed a class action, with both calling on affected investors to register their interest.

A Shine Lawyers spokesperson told TDA that if both firms proceed with a case, the Federal Court will decide which one goes ahead.

Australian property group Goodman and U.S. data centre company Digital Realty have moved to acquire a combined stake of up to 9.9% each in NextDC.

They offered $9.50 a share, about 45% above NextDC’s share price at the time. The company’s shares jumped about 50% the following day.

NextDC’s board described the move as “opportunistic”, coming just two weeks after its share price plunged.

However, both companies told investors they had no immediate plans to take over NextDC, but left the door open to a future takeover.

Jemena, the electricity distributor responsible for the Yarraville power works, has said installation will not resume until February.

NextDC is considering alternatives, including new routes for the poles or putting power cables underground.

It is not yet clear how many shares Goodman and Digital Realty have acquired. Both companies must disclose their holdings if they reach 5% or more of NextDC.

Reporting by Adam Wan.

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Rest in Production, Cybertruck (2023-2027).

Tesla CEO Elon Musk announced the company will wind down production of the heavily scrutinised Cybertruck.

Musk has since rejected claims the decision was driven by the electric ute being unprofitable, arguing the factory’s resources would be better used to increase production of Cybercabs, Tesla’s self-driving taxi.

Reporting by Adam Wan.