Actually, there are more important articles in the AFR today which indicate the following:
NO CAPITAL RAISING NECESSARY
DUE TO LOW NET DEBT AND KEEPING EXISTING STORE LEASES RUNNING
MORE STAFF CUTS COMING FROM HEAD OFFICE MAKING THE COMPANY LEANER AND MORE EFFICIENT/COST EFFECTIVE
RETAIL SALES APPEAR TO HAVE INCREASED DURING LATEST QUARTER BASED ON INDUSTRY SOURCES AND LATEST UPDATE FROM DJs.
Regarding the Ball, I applaud its cancellation. It tells me that the new CEO is totally focussed on the transition of this company and has more important tasks at hand than back slapping suppliers. Those same suppliers will want to continue to be represented on the floor at Myer, do not worry about that. Cancellation of the Ball has no impact on business levels and would have been a distraction given the amount of work and changes necessary to turn this company around.
John King is hiring more experts to the team from overseas judging by AFR Street Talk article.
MYR Price at posting:
41.5¢ Sentiment: Buy Disclosure: Held
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