[citation needed] Venture experienced financial difficulties in the late 1980s and early 1990s, and was placed in liquidation in April 1994, with all stores closing soon after.
In 1973, the South Australian-based department store John Martin's acquired an initial 50% shareholding in the company from the original owner, Robert Morris.
The John Martins department store chain was sold to Sydney-based retailer David Jones in 1985, with the Cookes family retaining ownership of Venture.
During Burke's first three years, turnover doubled and profitability increased, aided by a focus on own-branded merchandise which was not subject to competitor comparison.
[citation needed] In the 1993 FAL annual report it was written "Venture's management has made significant progress in establishing and repositioning Venture's image as a destination store by merchandising every day repeat purchase items at competitive prices while maintaining its focus on the female with young children as the primary customer base.
This review process did not satisfy the directors that Venture had a viable future and it was, therefore, in the best interests of FAL shareholders that it be sold or wound up as soon as possible".