I think it's part of their new Myer restructure. Owner Kit Jones bids farewell to long term customer Sue Lyons as The Cafe at Myer will close by the end of the month, Friday, February 9, 2018. Despite its share price lifting by 2.3 per cent at lunchtime, by the close, Myer shares had tumbled 3.5 per cent to 41.5 cents each. Follow our live coverage of the US election aftermath, By business reporters David Chau and Stephanie Chalmers. THE department store chain has a number of underperforming stores that could be closed to simplify the business and improve its financial performance, Citigroup analysts said. I would say their share prices and old business practices are to blame. Some of Australia's biggest mall owners have been left with holes in their retail portfolios after Myer announced store closures, space hand-backs and the decision not to proceed with a … AEST = Australian Eastern Standard Time which is 10 hours ahead of GMT (Greenwich Mean Time), They lost their dad to cancer. Sale Now On! He's put it to good use. The company is still on the lookout for a new CEO, after a string of profit warnings which resulted in Richard Umbers being sacked on Valentine's Day. news.com.au — Australia’s leading news site, 5 million Australians to receive $500 COVID-19 payment, Bunnings owner cops Kmart, Target complaints. ongoing agitation of the Myer board by Mr Lew. There was absolute junk left back in May, I think they are going to be a clearance store for a bit and receive unwanted stock from other stores for the time being. This was after its market value fell to around $360 million, which is too low to be considered among Australia's top 200 public companies. I recall last time I went to Myer is other places, from my understanding is that when sales occur that's when ppl actually go to Myer and DJ, otherwise their stuff is not cheap in comparison to others. Selected stores now open for click & collect only. However it said "week to week volatility continues to exist". Earlier this month, Myer was booted out of the ASX 200 index. Hope they do well.. Well given that it's Loganholme, they're used to people getting 100% off, that's why they're shutting down lol, Just asked Its only this store is closing down. Warehouse shed hits property market with $1.6 million price. Mr Mansfield was optimistic the store’s departure would not harm the popularity of the centre. Click for more information. Copyright © 2006-2020 OzBargain ABN: 26 144 073 772, [QLD] 30% off Lowest Sale Price Storewide @ Myer, Loganholme, Christian Dior Dioraddict3 Sunglasses $255 (Was $510) Shipped @ Myer, Under Armour Down Hooded Jacket $80 (Was $249) @ BCF, MAXX 7 Pack Trunks (Sizes Small to XXL) - $15 (Was $25) @ Target, adidas NMD R1 Sneakers: Men's from $99, Womens from $98 Delivered @ Amazon AU, Upsize Cashback: 20% Footlocker, Hype, Surfstitch, CottonOn, 25% General Pants, Seed, 12% Bonds, 10% Uniqlo @ Cashrewards (Caps), Upto 77% Off:Twin Peaks/Array Long Sleeve Hoodie $29.95, Adidas Ultra Boost $89.95 (Size 8) @ Culture Kings/ Ebay Culture Kings, Nike Air Max 270 React SE - Men's and Women's at $115.99 + $9.95 Delivery @ Nike AU, 30% off Storewide @ Tommy Hilfiger (Free Shipping Min $100 Spend), Mens and Womens Coats - $94.05 (Were $499) - 60% off @ Oxfordshop. All trademarks are owned by their respective owners.OzBargain is an independent community website which has no association with nor endorsement by the respective trademark owners. When I visited earlier this year 2 of the 3 floors were closed off with no stock in the place. Now they have to leave the country they call home, 'Difficult and hard news for Australians': PM warns of content in war crimes report, Telstra announces plans to split into three, fuelling speculation about move for NBN, China's not just quashing dissent in Hong Kong. THE department store chain has a number of underperforming stores that could be closed to simplify the business and improve its financial performance, Citigroup analysts said. Originally published asMyer may be planning to close stores. It is the latest salvo fired in the ongoing agitation of the Myer board by Mr Lew. Myer's online sales surged by 49 per cent but the bigger picture is more bleak for investors, as its total sales fell 3.6 per cent during the six-month period. Please shop online with free delivery on purchases over $49. 44-year-old mum Kylie Hilder is still playing State of Origin, because 'age is just a number', 'Showed no remorse': Man jailed for drugging and raping intellectually impaired teenage girl, Moselmane reinstated to Labor Party after AFP foreign influence investigation, Police union deletes tweet lauding officer involved in bloody colonial-era massacre. The company will not pay its shareholders an interim dividend in light of the disappointing result and the "challenging retail trade environment". Surprised to hear they're still trading to be honest. It's sending a warning to another liberal outpost, Albanese under pressure to dump climate change spokesman as Labor infighting heats up, Victoria's top health bureaucrat resigns following coronavirus hotel quarantine inquiry, Key witness in Jack de Belin rape trial admits he 'panicked' and lied to police, Live: Joe Biden appoints longtime adviser Ron Klain as his chief of staff, Prosecutors withdraw charges in media contempt trial over reports about George Pell, Richard Umbers being sacked on Valentine's Day. ANALYSTS believe Myer could afford to close seven stores as it fights to improve its flagging sales. Pain for the shareholders though. Troubled department store Myer has posted a hefty first-half loss of more than $476 million, prompting a renewed attack on the company's board by major shareholder Solomon Lew. Myer booted from ASX 200, Xero and Bellamy's get promoted, Position vacant: Myer searches for new CEO after boss quits amid sales slump, These key dates will finalise the US election results, 'This is not the first transition': Scott Morrison and Joe Biden hold first phone hook-up, Angry Anderson's ex-wife hugs their son's killer after manslaughter verdict, More Melbourne locations added to list of possible COVID exposure sites, Disabled and experiencing homelessness, Karl says an Aboriginal carer would change his life, Australia encouraged to boycott Beijing Winter Olympics after China trade sanctions, Terry bought a WWII bunker as part of a property. Myer's write-down of its own goodwill and brand name, in the order of $500 million, was the biggest impact on its results. The company noted that sales had improved in the seven weeks after January 27, when its first-half reporting period ended. Find out more about our policy and your choices, including how to opt-out. How long will a hand recount Georgia take? Premier also continued its personal criticism of Mr Hounsell, slamming the decision to, "[pay] himself $1 million per annum to be executive chairman amid the carnage he and the board are creating for shareholders". "Today's result provided further evidence, if any was needed, that the Myer Board should be removed and replaced as soon as possible if the company has any hope of surviving," Mr Lew's Premier Investments wrote in a response to the result. Shop Online at Myer, Australia's largest department store. Myer and David Jones have been stuck in the headlights of huge structural changes in retail. In a statement to the ASX, Myer's chairman Gary Hounsell acknowledged the result was "unsatisfactory" and "reflected a number of executions issues including, for example, the failure to respond appropriately to the heightened competitive environment prior to Christmas". All times AEDT (GMT +11). 30% is off the lowest sale price. solidussnake on 11/12/2018 - 17:04 myer.com.au (307 clicks) Last edited 11/12/2018 - 17:07 by 1 other user Hey Guys Loganholme myer is shutting unsure of when it will end as its dependant of stock mainly clothes for Mens, Womens and kids left along with watches and … Shop with Afterpay* Free Shipping On Purchases Over $49. The staff at the time said they were closing the first week of June. Nationwide News Pty Limited Copyright © 2020. Myer: 100 jobs to go with Brookside closure HIGH-END retailer Myer will leave the Loganholme Hyperdome in 2018. Shop With Afterpay* Free Shipping Over $49. Hyperdome Centre manager Rob Mansfield confirmed Myer’s impending departure from the QIC property this morning. Hey Guys Loganholme myer is shutting unsure of when it will end as its dependant of stock mainly clothes for Mens, Womens and kids left along with watches and kids toys. Premier questioned the impact of the write-down on Myer's debt covenants and the decision to halt dividend payments to shareholders. Myer are also closing Hornsby, Belconnen and Colanaddes in SA next year. Myer's announcement of a first-half loss was widely expected. A NOTE ABOUT RELEVANT ADVERTISING: We collect information about the content (including ads) you use across this site and use it to make both advertising and content more relevant to you on our network and other sites. Find out more about our policy and your choices, including how to opt-out. RETAIL giant Myer could close seven stores to help reignite sales growth, analysts say. RETAIL giant Myer could close seven stores to help reignite sales growth, analysts say.
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