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Solly Lew Goes Mystery Shopping At Myer, Store Bid For Control Tipped

Days after racking up more shares in Myer, Premier Investment Solly Lew went shopping at the big department store according to staff.

His Saturday morning stroll appears to be another step in his relentless attempts to wear down management, especially the missing in action CEO of Myer, John King who was back in the USA after a fleeting visit earlier this year.

Myer executives swear that he is “keeping in touch” via video calls.

Solly Lews siege of the Myer department stores group is in full play, with his listed investment company now controlling nearly 20 per cent of the department store.

Last year Premier Investments hired the group CEO of JB Hi Fi Richard Murray a move that that analysts claim was “extremely smart” especially if he gets control of the struggling retailer.

 

Observers claim that his next move could involve calling an extraordinary general meeting of shareholders who appear to be fed up with the “up and down” performance of the retailer.

The Australian Newspaer said of Solomon Lew’s visit ” Picture the 76-year-old engaging in lots of friendly chatting with floor staff on their views of how things were travelling and Myer’s leadership, quietly observing service levels, and assessing the likes of in-store merchandising and promotions”.

It’s also not gone unnoticed that Myer chief executive John King was back in Fort Lauderdale in the US where he spent half of last year micromanaging the business.

King, apparently managed to make it back to Australia for the busy peak trading season but quickly shuffled off to the COVID plagued US State where there were the seven-day average is over 63,000 cases a week.

While King was in Florida, Myer chief numbers man Nigel Chadwick was given the job of making local decisions.

King is set return to Oz on Sunday, with the interim results expected to drop early next month.

This month Solly Lew increased his stake from 15.77 per cent to 19.88 per cent, via his Premier Investments group.

All up he paid about $15 million for the additional shares.

 



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