For the sake of the employees and shareholders of this Australian icon , it is important that things turnaround for the company. The company has low debt and has a good banking credit lines to ensure business runs smoothly. Australians love to shop at Myer as witnessed at the opening of their store in Tasmania this week. Apparently the shoppers brought the CBD traffic to a standstill.
The drag on earnings are the rents from non-performing stores. They have engaged Korda to negotiate a better deal on the rent leases. That is positive, however the markets seem to think their ulterior motive is to send the company into administration which will be bad for shareholders, especially the majority shareholder whose relationship with the management is not exactly rosy.
The warring factions should come to an amicable agreement to resolve their issues.
MYR Price at posting:
35.5¢ Sentiment: Hold Disclosure: Held
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