Myer cuts profit guidance after Topshop disaster; deputy CEO leaves

Myer’s full-year profit looks set to be largely wiped out after the retailer wrote off its stake in struggling Topshop and continued to suffer from weak trading conditions.
The department store chain on Thursday said it will take a total $45.6 million hit after writing off the value of its 20 per cent stake in Topshop’s Australian franchisee and impairing the value of its struggling sass & bide brand. Sydney Morning Herald – Read more…