Myer’s PJ partner Peter Alexander on the out; revolving door...

Myer’s PJ partner Peter Alexander on the out; revolving door continues at Commonwealth BankPremier Investment’s Peter Alexander concessions may not be a fixture in Myer stores for much longer. Picture: Nikki Davis-Jones.MELISSA YEOMARGIN CALL COLUMNIST@melissajyeoCHRISTINE LACYSENIOR REPORTER, MARGIN CALL COLUMNISTAN HOUR AGO DECEMBER 14, 20213 COMMENTSThere’s nothing like the festive season to elevate tensions between our favourite warring retailers, Myer and its largest shareholder Solomon Lew.While retail underperformance is usually the subject of Lew’s grievances with the $390m department store chain, we hear there’s been tension of late that cuts a little closer to home.For years Lew’s Premier Investments, now run by Richard Murray, has had its sleepwear brand Peter Alexander stocked in concessions at Myer’s stores across the country. The group’s flamboyant displays and sickly-sweet scented candles made their presence known at around 17 Myer stores.READ NEXTUPDATEDFresh twist after rivalry ‘explodes’JASPER BRUCEBut despite the Christmas rush on family-co-ordinated pyjamas, we hear the deal between the two may not last for much longer.Illustration: Rod ClementWord is there’s been some extra tensions of late after Myer, led by recently-returned-to-Australia chief John King, let its contract with the sleepwear chain lapse.On rough estimates that’s about $2m a year in concession-based fees that will go begging if the two choose not to renew their relationship. When you consider the annual profit of $29m (excluding JobKeeper and any rent waivers) last financial year, it’s a fair chunk of cash.In a counterintuitive twist however, freeing up their commercial arrangements may just reignite Lew’s push for board representation.Myer’s JoAnne Stephenson-ledboard has long cited the commercial arrangement with Peter Alexander as just one reason to keep any representative of Lew off the board.At the group’s November AGM Stephenson noted that “unfortunately, to date we have been unable to reach agreement. The Myer board remains open to constructive dialogue”.Myer was keeping mum on the matter on Monday, declining to comment on Margin Call’s queries though word is Lew’s camp is more than keen to get back to the bargaining table.