Myer looks to buy Premier Investment's Just Jeans, Jay Jays and others despite announcing Sass & Bide store closures

Myer looks to buy Premier Investment's Just Jeans, Jay Jays and others despite announcing Sass & Bide store closuresMyer looks to buy Premier Investment's Just Jeans, Jay Jays and others despite announcing Sass & Bide store closures

Retail analyst Geoff Dart said the deal makes sense for the 124-year-old Myer, which has been struggling to appeal to younger shoppers and has "nothing to lose" from buying up the fast-fashion chains."This could be a way of mitigating the continued failure of Myer."It owns brands Smiggle and Peter Alexander and more than 31 per cent of the ASX-listed Myer.

Over the weekend, Myer told the ASX its "comparable" sales for the last financial year were up just 0.4 per cent on the previous year, with real sales actually down 2.9 per cent after it closed two stores in Brisbane and Melbourne's south. Myer has previously tried to get in front of younger shoppers by buying up once-cult brand Sass & Bide in 2011."The stores that will close are Bondi, Miranda, Canberra, Chadstone, Doncaster, Emporium, Rundle Street, Newmarket , Karrinyup and Paddington," CEO Paula Mackenzie said in a statement.

In its market update, Myer said all three of these brands have been "underperforming" and their declining sales would represent a big chunk of its lowered net profit after tax. Stock analyst Ben Williamson, who is the co-founder of Investor Hub, said this deal could go either way for Myer, as it could see it with shareholders who haven't directly decided to invest in the department store.Premier has enjoyed a strong year on the Australian share market so far, up more than 20 per cent on the ASX, after announcing in March it planned to spin-off both its Peter Alexander and Smiggle brands.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Telstra, Paladin Energy, Myer, Megaport and AMP are among the companies appointing young directorsBOSS talks to five directors under the age of 50 about their careers and the experience they bring to the boards on which they serve.
Source: FinancialReview - 🏆 2. / 90 Read more »

Melbourne businessman Amit Miglani accused of targeting Indian community members in property investment scamThe ABC has spoken to more than a dozen people who allege the lost their life savings after investing with Melbourne businessman Amit Miglani, who some accuse of leveraging trust to target members of Australia's Indian community.
Source: abcnews - 🏆 5. / 83 Read more »

MFG ASX: how Magellan could be saved by mysterious hall-of-fame investment legend Morry WakedShares surged again after the company sealed a deal with the secretive investor known for running one of Australia’s best quantitative investment firms.
Source: FinancialReview - 🏆 2. / 90 Read more »

Investment bankers (but not Barrenjoey) feast on OroraThis was a boring company, offering boring but profitable returns. And then, it went and blew its brains out.
Source: FinancialReview - 🏆 2. / 90 Read more »