Myer Boosts Internal Bankruptcy Expertise
Embattled Australian department store, Myer, has reportedly ramped up its internal ‘bankruptcy expertise’, after appointing several leadership personnel whose resume include a company that has entered administration.
Reported by afr‘s Rear Window, new Myer Chief Executive and former House of Fraser boss, John King, has re-stacked his executive floor with familiar faces from his past – colloquially referred to as a ‘collapsed-credentialed’ team.
Chief Merchandising Officer, Allan Winstanley, is said to have spent time at both HOF and Sears. The first entered into administration, whilst Sears filed for bankruptcy in October last year.
King’s House of Fraser CEO successor, Nigel Oddy, is reportedly also set to join Myer as its new Chief Operating Officer.
UK based House of Fraser called in administrations in August last year, after failing to reach a deal with creditors.
Mr Oddy was appointed Chief Executive in 2015 after John King stepped down, following the retailer’s acquisition by Chinese conglomerate Sanpower Group.
Myer is scheduled to release its interim earnings report on March 20. Unlike other retailers, Myer has not released a formal profit warning.