Business
Myer hashes out deal with lenders as COVID-19 sinks shopping – Sydney Morning Herald
Struggling department store operator Myer has been granted a lifeline by its lenders under a new deal that will slightly reduce its debt
“Despite the loss of revenue and earnings as a result of the store closures and reduced foot traffic, the company expects to report a small net cash positive position at the end of the 2020 financial year,” the company said.
Myer has been one of the largest beneficiaries of the JobKeeper scheme, with the company standing down 10,000 staff in March when it was forced to close its 60 stores due to the pandemic. The retailer has not yet specified how much it has claimed from JobKeeper, but the fig…
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