February 7, 2018 / 12:35 AM / a year ago

Largest shareholder of Australia's Myer wants to oust 'failed' board

SYDNEY, Feb 7 (Reuters) - The largest shareholder of embattled Australian department store operator Myer Holdings Ltd on Wednesday proposed a meeting of shareholders to vote on replacing the company’s board.

Premier Investments Ltd, which controls 10.8 percent of Myer, said in a statement it requested a list of Myer shareholders to facilitate the meeting “to reconstitute the incumbent, failed board”.

Once a dominant force in Australian retailing, Myer’s business model has buckled under pressure from new foreign “fast fashion” rivals, lacklustre consumer spending and flat wage growth, drawing fierce criticism from Premier and its billionaire owner, Solomon Lew. (Reporting by Tom Westbrook; editing by Richard Pullin)

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