I think you may be forgetting about the Operating Lease, Operating Lease is same as bank debt, and probably even worse because you cannot just cancel them by paying back early. Last 3 years Myer spent average $232m per year in Operating Lease, JBH spent an average $149m. This means Myer spent on average 56% more on operating lease, and yet last 3 years average its Sales is half of those JBH. In other words, turning around Myer to be more efficient is not enough, it also needs to cut its Operating Lease by about $80m a year, this is something outside the management's control other than terminating the lease and incurring a penalty, consider this in the context of only $24m underlying Net Income for FY18.
As I said before, the PE funds completely screwed Myer when they sold its freehold property assets to make money for themselves. The only reason Myer grew in the first place was because they were able to rely on their free property and protect margins during cyclical downturns.
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