New owner for Myer

THE Myer department store was sold this week for $1.4 billion to a consortium of Newbridge Capital, a private equity group, and the Myer family. Analysts believe the sale is a positive impact for the Coles supermarket business, as well as the Myer department stores, which have both lagged behind Woolworths and David Jones respectively. The sales proceeds will give Coles the financial ammunition to fight Woolworths on a more even footing, and the successful restructure and revamp of the Myer stores is likely to put added pressure on its main rival, David Jones.

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