Myer don't need to worry about debt. Total debt is only 120m...

Myer don't need to worry about debt. Total debt is only 120m with interest payments of $11m. There rent is a dent in expenses. Rent totals about $220m from the top if my head. They definitely need to renegotiate it close stores. Landlords will be very unlikely to renegotiate rent as this will lower their property values as rent via yield is a function of property value. For example, if commercial valuations and property sales are going off 6% yields, if the property generated rent of $10m then the property could be sold for $10m / 0.06 = $166.66m.

Debt is a non issue. Balance sheet equity is a real worry. That needs to be a minimum of $500m and the fixed charge covenant is also a worry. Sales only needs to drop 10% and it's default time. I think this is why Umbers was booted as the close to or will breached the covenant.