Myer Holdings Ltd shares get smashed on board drama and landlord woes

Myer Holdings Ltd (ASX:MYR) is in the news again today and investors have reacted accordingly as the share price sinks yet again.

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

Myer Holdings Ltd (ASX: MYR) is in the news for all the wrong reasons today and investors have reacted accordingly.

Shares in Myer Holdings Ltd were down 1.1% at the time of writing to 44c per share, a 52-week low and a 63.3% slide from its price of $1.20 on this day last year.

Headlines today detail news Myer could get "crushed" by Westfield landlord Scentre Group (ASX: SCG) as Scentre looks to replace flagship floor space with an anchor tenant who pays more for the space and nets higher sales.

In continuing drama, Premier Investments Limited (ASX: PMV) chairman and significant shareholder Solomon Lew is trying to force the current Myer board out.

If that's not enough for Myer's worry list, the threat to traditional retailers posed by Amazon is very much already in play.

Amazon is fine-tuning its Australian site to include third-party traders across the globe via its Fulfilment by Amazon (FBA) offering.

Myer has also been in the headlines over its failure to stand up against online contenders like Kogan.com, but while former Myer CEO Bernie Brooks calls for "time" to readjust, investors aren't as patient, as its market capitalisation plummets before our eyes.

Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended Scentre Group. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest…

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »