‘My store’ now their store

DANDENONG Myer is one of the chain’s 61 stores purchased by an international consortium this week.
Coles Myer announced the sale of its Myer stores, including the iconic Melbourne site, to the consortium of Texas Pacific Group, Newbridge Capital and the Myer family, which is a minority shareholder in the deal.
The sale was completed for $1.4 billion, with Coles Myer chairman Rock Allert commenting that the figure was testament to the company’s managing director, Dawn Robertson, who “took over a poorly performing business” and turned it around.
Newbridge Capital managing partner Dan Carroll said his company had vast experience in retail with popular projects in the United States, United Kingdom and Switzerland.
“Our involvement with up-market department stores, such as Neiman Marcus in the US and Debenhams in the UK, has been very successful, and we look forward to drawing on that experience and using those skills at Myer,” he said.
The Myer family, under the title of Myer Family Company, has a five per cent share in Myer following the sale.