- Solomon Lew says the board of directors of Myer is an absolute disgrace.
- His Premier Investments, the largest shareholder in Myer, wants the board replaced.
- Lew says the banks are now in control of Myer after the department store refinanced.
Billionaire retailer Solomon Lew has prepared a report card on Myer, the ailing department store in which his Premier Investments is the largest shareholder.
Myer posted an annual loss of $486 million, as sales continue to slow, plus restructuring and store exit costs and impairment of assets.
Announcing the results, John King, the new CEO, said: Shareholders deserve better.
Lew says: The Board of Myer is an absolute disgrace.
Premier Investments, which has a…
Read the full article at: https://www.businessinsider.com.au/solomon-lew-myer-disgrace-2018-9