Myer has cut over 100 jobs, with their latest round of redundancies seeing 35 executives exit the business.
The move follows CEO John King’s cuts to operations, while several stores reported slow sales over the festive season due to the impact of bushfires.
A Myer spokesperson told the SMH that following an internal review, around 35 positions across management, business and administration will be cut in an effort to streamline the company.
Myer isn’t the only retailer struggling. Most recently, Harris Scarfe, Jeans West and Bardot all went into voluntary administration following tough market conditions.
However, Myer’s bottom line has been on the rise recently, with the company reporting an underlying profit of $33.2 million for the last financial year.
A spokesperson said the job cuts were to help make sure Myer had “a continued focus on improving the financial performance of the business”.
The job cuts follow rival store David Jones – another struggling retailer – appointing Levi Stauss executive Roy Bagattini as its new chief executive, who will replace current CEO Ian Moir from February.
Moir will stay on as acting chief executive of David Jones and will work with Bagattinit to facilitate the transition.
It’s a common industry view that the Australian market only has room for one major department store as Myer and David Jones continue to compete for a slice of the market pie that’s now dominated by online retailers.
