Last roll of the dice for Myer IMO. It's either very cheap or very expensive - either a massive turnaround story or an unfolding nightmare. I frankly don't know anyone who buys at Myer anymore apart from the occasional window shop although, apparently ,the cosmetic section does pretty well. The new team will have to perform a miracle in this economic climate. IMO, perhaps I may buy a few on a very bad day and tuck them away.
..."Myer will still get its $221m in fresh capital, with institutional investors picking up last night’s unwanted retail stock.
Meanwhile, at his first meeting with suppliers since being elevated to Myer chief executive, Mr Umbers told brand owners ranging from men’s and women’s wear to accessories, children’s wear and home appliances that the costs of doing business were rising faster than sales, an unsustainable situation."...
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