You cant look at the payables in isolation without looking at...

You cant look at the payables in isolation without looking at inventory and receivables.
They are a high turnover business so you expect current assets to offset current liabilities which they do, except for Lease liabilitiies which is simply the lease payments due for the next year.

If you ignore the noise on the balance sheet caused by the leases then they have net assets of $700m, which is more than double the market cap.
The myer brand is worth alot. (Dont forget Dick smith went bankrupt and the receiver sold the brand for $200m)
And as the CEO says, the leases can be viewed as strategic valuable assets, especially to a retail store.

As Myer imports alot of its products, and the $A has appreciated so much, they should be able to increase margins as they replenish inventory.

There is very little chance that Myer goes bankrupt anytime soon. If people return to the CBDs post pandemic, it should make a healthy profit.