Sep
02
Myer Slumps Most on Record Amid Share Sale to Fund Turnaround
By-
STOCK TRADES
in 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
