Myer Officially Dumped From ASX200
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.