THE department store chain has a number of underperforming stores that could be closed to simplify the business and improve its financial performance, Citigroup analysts said. ongoing agitation of the Myer board by Mr Lew. Sale Now On! Myer's announcement of a first-half loss was widely expected. Premier also continued its personal criticism of Mr Hounsell, slamming the decision to, "[pay] himself $1 million per annum to be executive chairman amid the carnage he and the board are creating for shareholders". Pain for the shareholders though. Shop with Afterpay* Free Shipping On Purchases Over $49. I would say their share prices and old business practices are to blame. Shop Online at Myer, Australia's largest department store. I recall last time I went to Myer is other places, from my understanding is that when sales occur that's when ppl actually go to Myer and DJ, otherwise their stuff is not cheap in comparison to others. Warehouse shed hits property market with $1.6 million price. Shop With Afterpay* Free Shipping Over $49. Myer's announcement of a first-half loss was widely expected. Andrew Robertson explains why. Despite its share price lifting by 2.3 per cent at lunchtime, by the close, Myer shares had tumbled 3.5 per cent to 41.5 cents each. Surprised to hear they're still trading to be honest. Myer's online sales surged by 49 per cent but the bigger picture is more bleak for investors, as its total sales fell 3.6 per cent during the six-month period. He's put it to good use. Copyright © 2006-2020 OzBargain ABN: 26 144 073 772, [QLD] 30% off Lowest Sale Price Storewide @ Myer, Loganholme, Christian Dior Dioraddict3 Sunglasses $255 (Was $510) Shipped @ Myer, Under Armour Down Hooded Jacket $80 (Was $249) @ BCF, MAXX 7 Pack Trunks (Sizes Small to XXL) - $15 (Was $25) @ Target, adidas NMD R1 Sneakers: Men's from $99, Womens from $98 Delivered @ Amazon AU, Upsize Cashback: 20% Footlocker, Hype, Surfstitch, CottonOn, 25% General Pants, Seed, 12% Bonds, 10% Uniqlo @ Cashrewards (Caps), Upto 77% Off:Twin Peaks/Array Long Sleeve Hoodie $29.95, Adidas Ultra Boost $89.95 (Size 8) @ Culture Kings/ Ebay Culture Kings, Nike Air Max 270 React SE - Men's and Women's at $115.99 + $9.95 Delivery @ Nike AU, 30% off Storewide @ Tommy Hilfiger (Free Shipping Min $100 Spend), Mens and Womens Coats - $94.05 (Were $499) - 60% off @ Oxfordshop. "Today's result provided further evidence, if any was needed, that the Myer Board should be removed and replaced as soon as possible if the company has any hope of surviving," Mr Lew's Premier Investments wrote in a response to the result. Click for more information. The company noted that sales had improved in the seven weeks after January 27, when its first-half reporting period ended. Staff said they have been closing down since Jan so surprised no one else has posted this.. Myer booted from ASX 200, Xero and Bellamy's get promoted, Position vacant: Myer searches for new CEO after boss quits amid sales slump, These key dates will finalise the US election results, 'This is not the first transition': Scott Morrison and Joe Biden hold first phone hook-up, Angry Anderson's ex-wife hugs their son's killer after manslaughter verdict, More Melbourne locations added to list of possible COVID exposure sites, Disabled and experiencing homelessness, Karl says an Aboriginal carer would change his life, Australia encouraged to boycott Beijing Winter Olympics after China trade sanctions, Terry bought a WWII bunker as part of a property. All times AEDT (GMT +11). Myer: 100 jobs to go with Brookside closure HIGH-END retailer Myer will leave the Loganholme Hyperdome in 2018. Hope they do well.. Well given that it's Loganholme, they're used to people getting 100% off, that's why they're shutting down lol, Just asked Its only this store is closing down. Hyperdome Centre manager Rob Mansfield confirmed Myer’s impending departure from the QIC property this morning. Owner Kit Jones bids farewell to long term customer Sue Lyons as The Cafe at Myer will close by the end of the month, Friday, February 9, 2018. In a statement to the ASX, Myer's chairman Gary Hounsell acknowledged the result was "unsatisfactory" and "reflected a number of executions issues including, for example, the failure to respond appropriately to the heightened competitive environment prior to Christmas". 30% is off the lowest sale price. @solidussnake: They have been a clearance store for about a year with buggeer all stock, just random pink shirts and pants size 48. Originally published asMyer may be planning to close stores. Myer's write-down of its own goodwill and brand name, in the order of $500 million, was the biggest impact on its results. news.com.au — Australia’s leading news site, 5 million Australians to receive $500 COVID-19 payment, Bunnings owner cops Kmart, Target complaints. Find out more about our policy and your choices, including how to opt-out. I think it's part of their new Myer restructure. Please shop online with free delivery on purchases over $49. Some of Australia's biggest mall owners have been left with holes in their retail portfolios after Myer announced store closures, space hand-backs and the decision not to proceed with a … Myer are also closing Hornsby, Belconnen and Colanaddes in SA next year. THE department store chain has a number of underperforming stores that could be closed to simplify the business and improve its financial performance, Citigroup analysts said. This was after its market value fell to around $360 million, which is too low to be considered among Australia's top 200 public companies. solidussnake on 11/12/2018 - 17:04 myer.com.au (307 clicks) Last edited 11/12/2018 - 17:07 by 1 other user Hey Guys Loganholme myer is shutting unsure of when it will end as its dependant of stock mainly clothes for Mens, Womens and kids left along with watches and … Follow our live coverage of the US election aftermath, By business reporters David Chau and Stephanie Chalmers. Find out more about our policy and your choices, including how to opt-out. ANALYSTS believe Myer could afford to close seven stores as it fights to improve its flagging sales. It is the latest salvo fired in the ongoing agitation of the Myer board by Mr Lew. How long will a hand recount Georgia take? 44-year-old mum Kylie Hilder is still playing State of Origin, because 'age is just a number', 'Showed no remorse': Man jailed for drugging and raping intellectually impaired teenage girl, Moselmane reinstated to Labor Party after AFP foreign influence investigation, Police union deletes tweet lauding officer involved in bloody colonial-era massacre. RETAIL giant Myer could close seven stores to help reignite sales growth, analysts say. When I visited earlier this year 2 of the 3 floors were closed off with no stock in the place. A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. All trademarks are owned by their respective owners.OzBargain is an independent community website which has no association with nor endorsement by the respective trademark owners. Now they have to leave the country they call home, 'Difficult and hard news for Australians': PM warns of content in war crimes report, Telstra announces plans to split into three, fuelling speculation about move for NBN, China's not just quashing dissent in Hong Kong. Shop the latest styles and clothing online from top brands. Troubled department store Myer has posted a hefty first-half loss of more than $476 million, prompting a renewed attack on the company's board by major shareholder Solomon Lew.

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