Myer Tipped To Engage KPMG In COVID Fight
Iconic Australian department store, Myer, has reportedly employed the aid of KPMG to assist in withstanding the economic impact of COVID19.
According to The Australian, KPMG has offered its services to Myer for a couple of years, and is currently assisting with its logistics chain, and assessing refinancing solutions.
The news follows reports Myer has been negotiating rents with landlords after several stores closed amidst coronavirus restrictions earlier this year.
The retailer has continued to progress its turnaround strategy, following the appointment of former House of Fraser boss, John King, as its new CEO two years ago.
Some market commentators question whether the retailer is nearing debt covenants. The company was $103 million cash positive in January, having net finance costs of $49.8 million.
Rival department store, David Jones, has reportedly tapped KordaMentha and UBS to assist with its coronavirus strategy.
Myer’s share price has continued to slowly improve after the pandemic shock, with market value notching around $100 million.