Billionaire retailer Solomon Lew has demanded struggling department store Myer immediately update shareholders on the company’s full-year trading performance.
The billionaire retailer has announced he will call Myer shareholders in for an extraordinary general meeting in an effort to force the resignation of the company’s three remaining non-executive directors.
Billionaire retailer Solomon Lew has rejected department store Myer’s offer and renewed his push for the company’s non-executive directors to resign.
Under fire department store Myer has said it is concerned that giving billionaire retailer Solomon Lew representation on the company’s board could cause potential conflict.
The billionaire rag trader is looking to replace the “emaciated” board of struggling department store Myer following his purchase of $16.4 million worth of new shares.
The retailer,which owns brands such as Peter Alexander,Smiggle and Just Jeans,has continued its run of strong sales off the back of Australia’s COVID-19 recovery.
Billionaire retailer Solomon Lew’s decision to repay JobKeeper subsidies will not be followed by other notable recipients,including Harvey Norman founder Gerry Harvey.
Richard Murray will leave the electronics chain at the end of August to lead billionaire retailer Solomon Lew’s fashion empire Premier Investments.
Billionaire Solomon Lew’s retailing group Premier Investments has not ruled out handing back the nearly $20 million it received in JobKeeper payments despite reporting a bumper profit.
Australia’s workplace watchdog is investigating billionaire Solomon Lew’s Just Group retail empire over JobKeeper compliance issues.
Some companies have returned JobKeeper payments which they did not need but others are failing the test of corporate social responsibility.