Business
Myer swings to $172m loss as it takes huge pandemic hit – Sydney Morning Herald
Myer chief has warned the retailer may have to shut or drastically shrink some of its flagship stores thanks to the COVID-19 pandemic’s impact on CBD shopping.
“The fact is that CBD stores were walloped pre-COVID, during COVID and even post the lockdowns as well. All the big cities are in the same boat around the world, doesn’t matter if you’re in Melbourne or Madrid.”
The chief executive’s comments come as the struggling department store chain swung to a $172 million loss for the past financial year after the retailer was forced to write down the value of its brand names after being battered by the COVID-19 crisis.
Myer told investors on Thursday it…
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