Australia’s Myer To Shut Down Stores in Sydney and Melbourne

SYDNEY, AUSTRALIA – Australia’s largest department store group Myer is shutting down an outlet in Top Ryde City shopping center in Sydney as part of a revamp launched by newly appointed CEO Richard Umbers.

Myer will also close three stand-alone specialty stores in Melbourne, marking the first closures since Umbers took over as CEO in March.

The Top Ryde store will be closed by late July, said Myer in an announcement to the Australian Securities Exchange. The three stand-alone stores will be closed in August.

Downsizing Myer’s store network is part of Umber’s overall goal to revive sales and earnings for Australia’s biggest department store chain. –