SYDNEY, AAP – Retail magnate Solomon Lew has called for the board of the troubled Myer chain to resign after his company increased its ownership.
Mr Lew, chairman of Myer’s biggest shareholder Premier Investments, said he and fellow shareholders had heard nothing from the company eight months after then-chair Garry Hounsell resigned.
At the time, Myer said it would find a permanent replacement.
Mr Lew said Myer continued to go backwards and its board was missing in action.
Premier on Tuesday confirmed it had increased its stake in the department store business from about 10 per cent to 15.77 per cent.
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“Premier calls on the failed Myer board to resign immediately,” Mr Lew said.
He said Premier and other shareholders would replace the board with directors who have skills in retail, property, logistics and e-commerce.
Myer has had a troubled recent history. The company last year posted a full-year loss of $172 million.
The company fared better in March when surging online sales helped a first-half net profit gain of 76.3 per cent.
Shares in Myer were higher by 16.22 per cent to 43 cents at 1600 AEST.
Shares in Premier were down 1.96 per cent to $27.03.