PREMIER OUTLINES PLAN TO SAVE MYER
PREMIER Investments says Myer should increase its customer service levels, accelerate the closure of non-performing stores and overhaul its online shopping experience in order to restore its fortunes.
Myer’s biggest shareholder has issued a seven-point action plan for the ailing department store chain and named the three directors it wants appointed to the board.
Premier, backed by retail billionaire Solomon Lew, again questioned the integrity of incoming Myer chairman Garry Hounsell as the dispute between the two retail groups turns increasingly bitter.
Premier is urging Myer shareholders to vote against the appointment of Mr Hounsell as chairman, along with two other directors, at its upcoming general meeting.
It wants to appoint two Premier directors, as well as a third non-Premier director, having criticised the Myer board as lacking retail experience.
The directors Premier is backing for the Myer board are Premier non-executive director and former Myer Grace Bros and Kmart managing director Terry McCartney, Premier non-executive director and former UBS managing director Tim Antonie and Abacus Property Group chief investment officer Steven Sewell.
The move to issue a blueprint for Myer follows Premier facing criticism – including from Myer’s other major shareholder Investors Mutual – that it had not outlined its vision for the ailing retailer.
Calling for more in-store staff, Premier declared that Myer stores “have been stripped of customer service”.