More on Copoulos and Myer, ditto SFH?:
"The market is the market and the best outside measure of the value," he said. "The company does not provide any comfort or confidence that they know what they are doing and it is reflected in the share price."
Myer's largest private shareholder has urged the retailer's incoming chairman to "ruthlessly" accelerate a five-year turnaround strategy by closing one-third of stores and overhauling brands and e-commerce operations.
Copulos Group managing director Stephen Copulos said the New Myer strategy did not appear to be delivering results and Myer needed a greater sense of urgency to improve returns for shareholders.
"The chair needs to be the 'driver', creating the urgency and to be ruthless on all activities focusing on improving shareholder returns," Mr Copulos told The Australian Financial Review.
Mr Copulos welcomed Myer chairman
Paul McClintock's decision last week to not stand for re-election at the annual meeting on November 24, saying shareholders were looking for change.
"The company has not performed and to spend $600 million [as part of the turnaround strategy] is ridiculous, it doesn't seem to be improving the company's performance," he said.
"They are digging a bigger hole for shareholders."
Mr Copulos said Myer needed to bite the bullet and "fight it out with landlords" by closing as many as 30 per cent of its 64 stores as soon as possible.
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