A positive for CML?
My contact in CML said they are glad to be rid of it.
Myer sold for $1.4bn
March 13, 2006
COLES Myer has sold its iconic Myer stores to private equity company Newbridge Capital and the Myer family for $1.4 billion.
The deal includes the flagship Bourke Street store in Melbourne.
It returns the Myer chain to hands of the Myer family, 106 years after it was founded in Bendigo by poor Russian immigrant Sidney Myer.
The market had expected the 61 Myer stores, including the Bourke Street site, to fetch around $1 billion for Australia's largest retailer.
Coles Myer chief executive John Fletcher said the level of interest and the price achieved for Myer and the Myer Melbourne property reflected the strength of the business and the success of its turnaround strategy under Myer managing director Dawn Robertson.
Ms Robertson will leave after the sale has been completed, with former Woolworths finance director and director of supermarkets Bill Wavish to become executive chairman of the Myer business.