Myer shreds staff hours as retail recession worsens

Advertisement

Merry Crapmas:

Myer is attempting to cut costs by winding back staff hours in its worst performing stores as sales come under pressure in the lead-up to Christmas.

Myer staff have been told that shifts will be reduced and hours cut in line with declining sales as trading in the all-important January quarter shows no sign of improvement following a 2.1 per cent fall in same-store sales in the three months ending October.

The full text of this article is available to MacroBusiness subscribers

$1 for your first month, then:
Cancel at any time through our billing provider, Stripe
About the author
David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.