Myer shares hit all-time low after new business strategy announced

Myer shares have hit an all-time low of 93.5 cents, two days after the company announced a $221 million capital raising and new strategy.

Shares in the department store giant plummeted 22 percent, from 121.0 cents on Monday.

Myer also announced a new strategy on Tuesday, called ‘New Myer’ after suffering a decline in full-year after-tax profit of $68.7 million.

Company CEO Richard Umbers that ‘New Myer’ would help to build business.

“We are investing in New Myer over the next five years to deliver a fresh interpretation of our brand, a re-energised and relevant range, improved service and in-store experiences complemented by a strong Omni-channel offer,” he said.

The fall in share price also follows Myer’s July announcement that it will dump about 100 brands as part of a major restructure aimed at boosting growth.

In July, Myer also revealed that it would reduce staff at 42 of its 67 shops through a voluntary redundancy program.