Heralded Australias largest department store, Myer, has ruled out a voluntary administration, following struggling sales, and its recent $476 million half-year loss the biggest in company history.
Myer is actively hunting for a new CEO, following the departure of Richard Umbers in February. Umbers joined the retailer in 2015, and was involved in the $600 million New Myer strategy, which pledged to turnaround results in five years.
As previously reported, commentators speculate Umbers was forced out by Myer Executive Chairman, Gary Hounsell.
Speaking to The Australian Financial Review, Myer affirms a voluntary administration is not under consideration. Several insolvency experts claim a VA would cause further issues for the struggling…
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