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Myer Officially Dumped From ASX200

Following struggling sales, several profit downgrades and a recent CEO exit, Myer has today been dumped from the ASX200 benchmark index.

The department store’s demotion from Australia’s index of leading companies will likely place further pressure on company shares – plus provide extra ammunition to notable shareholder, Solomon Lew, who is calling for a leadership overhaul following poor results.

The news comes after Myer shed nearly two thirds of its value in the past year.

Shares in the retailer have dropped around 85% since 2009.

Effective from March 19th, Bellamy’s, Xero, Smartgroup and Ausdrill will secure a place in the ASX200.

Shares in Myer are currently trading 3.96% lower to 44 cents.

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