Myer shareholders appear to be treating Cue Clothing Co’s insolvency as a supplier problem, not a balance-sheet shock. That reading is plausible under Myer’s concession accounting, but it depends on the receivers finding a buyer and keeping the two womenswear labels trading.
Myer Holdings shares closed Wednesday unchanged at A$0.18, after trading between A$0.17 and A$0.18, according to the retailer’s investor share-price page. The muted response followed a sharper development at one of its concession partners: Cue & Co Pty Ltd, owner of Cue and Veronika Maine, entered voluntary administration and receivership on Tuesday.
The event is more serious than the sale process and executive departures reported earlier this week. Cue’s…