Myer Holdings Limited
(ASX:MYR) has announced it will not renew the lease at its Brookside store north west of Brisbane.
Myer CEO Richard Umbers says the retailer is shaping the store footprint to improve productivity and the decision not to renew the lease was consistent with step-up objectives of the New Myer strategy.
The lease is up in September so the store will trade through the stock take and Christmas periods and cease trading at the end of January next year.
Staff at the store will each have a period of consultation to see if they can be redeployed elsewhere.
Myer reported a net profit of $29.82 million for the six months to the end of July 2015.
