The Myer Holdings Ltd (ASX: MYR) share price closed at $0.76 on Monday, a 3.16% decrease from Friday. Myer's share price has fallen 35% in the past year and its disappointing results were acknowledged by Myer's incoming chairman in a letter issued to its shareholders on Monday.
Shareholder confidence further crumbled on Monday as Myer's biggest shareholder, Solomon Lew, raised the option of legal action against Myer over its alleged failure to disclose to the market its trading performance. Lew's Premier Investments purchased $100 million of shares in March which have now fallen in value by over $30 million.
Myer is having their annual investor day on Wednesday where it is expected there will be information released about its failure to meet targets in its 5-year strategy. It is likely that the targets set out in the plan will be changed due to poor sales in the latest quarter and hints at another drop in Myer's share price.
