KPMG started contacting potential buyers just before Christmas, and a sale flyer was sent to interested parties in the past fortnight.
Department store chain Myer is seeking to divest three of its best-known clothing brands and has hired KPMG Corporate Finance to run a sale process, Street Talk can reveal.
A sale of the three high-profile brands would mark the next stage in an overhaul of the struggling department chain, which has been shedding stores as it attempts to reposition the business under new chairman Ari Mervis. WAM Capital portfolio manager Oscar Oberg told this column at the weekend that the mooted sale process was “strategically sound” and would allow Myer’s board to “focus on what they do best which is department stores”.
Outgoing CEO John King has spent the past six years implementing his “customer first” plan, shrinking floor space and closing stores, helping transition Myer into a profitable business that has returned to paying regular dividends. The shares are trading at 74¢, above where they were when King took over in 2018 when the stock was sitting at 40¢.On February 6, Myer handed down a trading update that surprised on the upside, forecasting interim sales down 3 per cent to $1.
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