Two and a half years ago when Richard came on as CEO and raised...

Two and a half years ago when Richard came on as CEO and raised $600m via the capital raise he should had invested it way better. He's spent it on innovations that have resulted in negative sales growth and negative earnings.

It's easy to talk what if's but imagine if they used the $600m to acquire Kogan which had a market cap of $200m in 2015. Offered $300m for the acquisition (50% premium) which would had settled for sure. Then transition electronics online via the Kogan platform and shrink floor space. Then they could vertically move clothing, perfume, bedding up levels and leave floor space on ground floor for food, cafes, and eateries which would entice shoppers to come in for a catch up coffee/lunch an some shopping (they would lease this area which would free up expenses).So from the $600 they would have $300m left.

They could had also reinvented their inventory and stock management to improve working capital. Spent $100m on smarted software that tracks inventory requirements and predicts what consumers may buy based upon number of visits on their site. Ultimate aim is to prevent overspending on surplus stock and keep levels low. Hence, capital being distributed to other investments and not sitting in a warehouse or on the floor and then being heavily discounted.

You would still have $200m for other investments. Myer could then look at diversifying its revenue away from clothing and perfume etc. They could look at a strategic JV with say Spotless. Spotless have moved into the asian market have seen a strong improvement in their revenue. This would diversify revenue from pure domestic to also foreign revenue. It would also not be a too dissimilar operating model and seen a 'smart' strategic investment.

Then at the same time, start cutting and reducing operating costs. The staff cuts were way to long to make cuts. Should had done a hard restructure and cut the $7m in wasted wages back in 2015 not 2018.

They could had done so much more with the capital raised money, i cant believe they have just thrown it away. I think this is why Solomon is making so much noise as they have made such bad decisions.

Management are so old and out of touch its ridiculous. They need a CEO with Balls who is willing to make the tough decisions to cut expenses and not appease the executives pockets.