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  • Myer (MYR) has announced it will close its stores for a further four weeks, due to the government extending COVID-19 lockdown rules
  • This will be in effect until at least May 11
  • Myer’s online stores will remain open however, which has done most of the heavy lifting during physical store closures
  • Due to the online strong performance, 20 per cent of Myer employees have returned to work to support the online space
  • Myer is up 5.56 per cent at market close and trading for 19¢ per share

Myer Holdings (MYR) will close its stores for a further four weeks, due to the government extending COVID-19 lockdown rules.

The retailer first announced store closures on March 30 and said physical stores would remain closed until at least April 27.

However, due to the government’s recent announcement, Myer will keep its doors shut until at least May 11.

“Myer will closely monitor government measures and advice over the coming weeks, with a view to reopening stores as soon as possible,” the company said.

However, the company has warned when it opens it might be on a staged basis, due to different conditions and government measures.

Myer’s online stores will remain open, which has remained strong since the closure of the physical stores.

CEO John King says the extended period of store closures was tough but is the best decision as it protects staff, customers and the community.

“The strong growth in the online business during the past few weeks has been particularly encouraging,” he said.

“Our plans for reopening our physical stores are well advanced and we look forward to welcoming customers back into stores, when it is safe to do so,” he added.

The company has also had 20 per cent of its employees return to work after increased demand.

Myer closed 5.56 per cent in the green, trading for 19¢ per share.

MYR by the numbers
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