Myer will close all stores for at least four weeks and stand down 10,000 staff without pay, the retail giant has announced. Is This The End for Myer?.
Myer to Shut All Shops & Stand down 10,000 Staff. Is This The End for Myer?
Captain Kremmen on 27/03/2020 - 22:07
Last edited 27/03/2020 - 22:14
Last edited 27/03/2020 - 22:14
Poll Options
- 106Yes
- 35No
- 3Online Only
Related Stores
Comments
No.
As in goodbye.
No - but this is not financial advice
Better sort out returns from the recent sale then…
I can't see Myer retail stores disappearing from shopping malls though. Highly unlikely. Might scale back a lot and refocus after period of administration and buyout but not gone for good.
Myer's already disappearing e.g. Hornsby which closed down two months ago
They will always do that, open new or upgrade stores in higher performing areas and close stores in non-performing areas. So if a lease is due in a store they will evaluate it and see whether it's worth keeping open. However I'm certain they will be scaling back over the next couple of years to reduce numbers.
Although I haven;t heard about it recently there were leaked rumours about David Jones shutting around 3/4 of their stores over the next couple of years, so I would assume Myers will either do the same, or take advantage of it and take over some of those leases (they've done that in the past)
This is more likely a result of the virus, and reduced shopping in their key areas - While there are still people shopping in the suburban stores, I don't expect many people shopping in the high cost flagship stores at the moment.
Reduce costs (staffing in particular) over a four week period where they aren't making much money. Casuals won't get anything. Part-timers will have to use Annual Leave/long service, as I don't think the temporary shut down will give any redundancies). And if they have any full timers left, they can use this to weed them out (If it's the same as DJs, FT tend to have less flexible contracts as they have been employed for 20+years and I may be stereotyping, but most of those staff don't store their leave, so won't stay without the 4 weeks pay)
How many stores have they opened recently?
Could be a Two Day Sale starting Tomorrow…
"It's all gotta go"
Its start lockdown from next week ( most employees get long services and annual leave.
NOT CLOSE.It wasn't in the best of health before this. Now it has to weather closed stores, likely for months?
I get the feeling that retail in Australia is going to end up online. Rents were already too high, stock too outdated - its going to catch up with the rest of the world and move into the online age.
? Do you mean neggers looking smart?
I don't care what colour their skin were…
neggers
I don't think you can call them that..
People of alternate voting
better use up any myer gift cards you might be holding pronto
+1 to this.
I lost $100 in Dick Smith gift cards when the company folded.
If Myer goes under, any gift cards will likely be rendered worthless by the receivers.
Chargeback would've been your friend if you paid by cc
Imagine Kogan buying the online business.
honestly be a good 'front' for higher end chinese clothes etc, but yes it would be funny.
Nearly every retail store is closing next week
When your anchor tenant is gone, the good ship Titanic is just floating with icebergs.
No.
Well, most shops apart from coles and woolworth are or have already closed shop.
Yes the whole business and company is now gone forever.
Myer has been slowly dying for years now. Coronavirus has just sped up the process. Just look at the share price in January 2020. $0.50. It was $3.71 in 2010. Healthy business? No. The price is now 10c and essentially Myer is dead.
Closing it now is actually a smart move. They can participate in any multi billion dollar bailout for retailers that the federal government will no doubt offer. The board then has time to plunder the dry husk of a business and have it go bust later in 2020 anyway. They can blame Coronavirus while pulling the ripcord on their golden parachutes.
Middle priced department stores were last a thing in the 1990s. Times have moved on. Only KMart style stores make money now.
Myer has been slowly dying for years now.
Myer was gutted before it was floated. I'm shocked it lasted this long.
The private investment firm who pucharged myer, sold all the buildings off that myer had forever. Signed mega costly leases with those sales so they got top dollar on the building sale.
Fluffed the books up with sales, then floated it for top dollar and ran.
I looked at myer IPO, but as soon as I seen the 'myer family' that has owned them forever, was cashing out, I knew to stay away, then I seen it was gutted, and really just a shell of what it use to be.
Myers died months/years ago - just that someone forgot to tell them
Is Bunnings an essential shop to be open considering most others are closed
Guess so if they've got buying limits. Plus more space to socially distance while shopping and more time to DIY now we're all staying at home!
Yeah I reckon they are finished
I was looking forward to being rich enough to do my shopping at Myer or DJ's one day :(
In one month time: Kogan purchases Myer, launches new combined online store Dick Myer.
Kodicker?
Crikey.
It aint just MYER.
Given the sheer size of the company - and the fact that it exists as an anchor tenant in many shopping centres - the impact is likely to have a ripple effect across the retail and property sectors. The grim announcement comes as dozens of big name stores have shut up shop as the coronavirus and new social distancing measures take a toll on the retail industry.
Today, outdoor chain Kathmandu became another major retail name to shut its doors in response to the sharp decline of business, standing down 2000 staff across its Australian and New Zealand operations without pay.
The company will also close 118 Rip Curl outlets which it acquired last year.
Retail Food Group — the owners of popular chains Gloria Jean’s Coffees, Brumby’s Bakeries, Donut King, and Michel’s Patisserie — said it will stand down or cut the hours of its workforce.
From Sunday, furniture retailer Adairs will temporarily close its 160 Australian stores and stand down its retail and customer support staff.
Elsewhere in the industry, on Thursday, Premier Investments Limited – which owns the Just Group, whose brands include Smiggle, Peter Alexander, Just Jeans, Jay Jays, Portmans, Jacqui E and Dotti – announced it was closing all stores “until further notice”, with online shops also affected.
Family has been shopping there for years, they have a huge range. I like having different brands of clothing in one section. I tried buying clothes online for once due to this coronavirus thing, first pair of shoes just weren't as nice as I had hoped and really uncomfortable, second pair was nice but they sent me the wrong colour and the ones I was after sold out and I bought pants which they recommended medium and medium is normally a good size for me but when I got them, they were suuuuper baggy and couldn't wear them. So I had to go to the Post office, buy boxes, print out labels and package everything to send back. Never again, I can't wait for stores to be opened again although i really hope myer doesn't go under. They had such a huge range and certain brands/items you can't get anywhere else in the shopping centre I shop at.
I hope so
well I wouldnt go this far but I can understand "what comes around goes around"
decades ago westfields and myers sought to kill the average high street store with its unique business model and now they are under attack by online and specialty stores we are supposed to feel sorry for them?
they failed to adapt to the new climate
they failed basic capitalism
i'm of the opinion that the vast majority of retailing in the country is fundamentally flawed
you can only hope that a few survive like the harvey norman jb hifi good guys wesfarmers etc.
not that a give a crap about JB HN but thats the way this system works
to look at it another way, why is it honda and holden failed and hyundai succeed?
there are fundamental underlying problems and I think many issues cant be fixed.
I drive a $5000 2005 Honda Civic & it goes a beaut; I am also a mechanic
I used to play pinball at Chadstone in the 70's & there was a Myers store near there.
But as I grew up. Myer was selling posh stuff no-one wanted while Coles was selling $2 things & had a lot of range.
Myer had too much space in-between items so there wasn't much of anything. you go into the store to have a look & you get set upon straight away by staff; you can't just walk around, unlike in Coles, where you can wander around and have a good lookLong story short, Myer lost touch with the 'normal' person & Coles was for the 'working' class bum; a Holden owner, like myself back then
0.10
buy ?