New Myer owners to cut 200 jobs

By Craig Zammit

SYDNEY: Myer’s new owners, Texas Pacific and Newbridge Capital, will cut between 150 and 200 jobs before October this year when a new $50 million merchandising system is implemented in Myer stores nationally.

The 150 to 200 positions are believed to be earmarked for redundancy, however shop-floor staff look likely to be spared from the job cuts.

The new merchandising system will be linked to point of sale terminals and will replace the current 21-year old system. The system will be used to track stock from purchase, store allocation and reordering and will improve Myer’s existing inventory management methods.

The new system represents a substantial portion of the promised cost savings which were used to lure many of Myers potential buyers during the bidding process earlier this year.

Senior Myer management will be visiting the chain’s major stores in each state over the coming months, to discuss the intended redundancies with store managers.

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