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COVID-19 Retail: Myer Extends Temporary Closure

Myer has announced that it will be extending the temporary closure of its physical stores until at least 11th May 2020, in line with Prime Minister Scott Morrison’s 16th April announcement that COVID-19 restrictions would remain in place for another four weeks.

Despite the extension, Myer have said they will be monitoring government measures closely and aim to open “as soon as possible”.

During this closure period, the majority of Myer team members will remain stood down, though the company has said that they have applied to participate in the government’s JobKeeper payment subsidy scheme.

In the meantime, the department store will be focusing its efforts on online operations, which have performed well since Myer closed the doors of its brick-and-mortar stores. Over the Easter long weekend Myer’s online purchases were up 800%.

As a result of this growth, Myer has been able to bring 20% of its team members back to work.

Online orders are currently being fulfilled at 26 locations across Myer’s store and distribution network.

“The strong growth in the online business during the past few weeks has been particularly encouraging,” Myer CEO John King said.

Myer’s share price rose by 3.89% today to $0.187. While this is above the low of $0.095 in March, it is still below pre-COVID-19 levels.

“The decision to extend the period of temporary closure of all physical stores was extremely tough, but it is reflective of our continuing focus on operating our business in a manner that protects the health and wellbeing of customers and team members, whilst supporting the government efforts to limit the spread of COVID-19 through stay at home directions and other social distancing measures,” King said.

Myer ASX 22.04.2020

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