Myer chair hits back

MYER executive chairman Garry Hounsell on Wednesday hit back at the latest attack by Mr Lew’s Premier Investments, and rejected its largest shareholder’s claim that Myer had engaged in extreme discounting in an unsuccessful attempt to arrest a slide in thirdquarter sales.

“Premier Investments continues to be engaged in a hostile and obstructive campaign that appears to be designed to destabilise Myer,” Mr Hounsell said.

“Premier Investments is conflicted because of its position as a major supplier and competitor to Myer.”

Mr Lew sent a letter to Myer shareholders on Friday, warning them to brace for another profit downgrade after Myer had reported a 2.7 per cent fall in third- quarter sales.