Sep
02

Myer Slumps Most on Record Amid Share Sale to Fund Turnaround

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  • STOCK TRADESin Sydney at lowest level since its 2009 listing
  • Strategy seeks to return Myer to “sustainable profit growth”

Myer Holdings Ltd., Australia’s largest listed department store chain, slumped to a record low after saying it would sell A$221 million ($156 million) in new shares to cut debt and invest in a turnaround.

Shares in the Melbourne-based chain fell as much as 17 percent, the most on record, and were down 16 percent at 95 Australian cents at 10:17 a.m. in Sydney. The company has lost more than two-thirds of its market value since a TPG Capital Management LP-led group sold it back to the market in 2009…

Myer Slumps Most on Record Amid Share Sale to Fund Turnaround

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