Companies

Apr 9, 2014

DJ’s South African rabbit: takeover bid leaves Myer in the lurch

David Jones has pulled a massive rabbit from its hat: a $2.15 billion takeover offer from South African retail group Woolworths. If shareholders back the board, what now for ailing Myer?

Paddy Manning

Crikey business editor

The questions for newly reappointed Myer chief Bernie Brookes were already tough enough at the department store’s recent half-year profit result. They are only going to get tougher now that his plan to pull off a cheap merger with David Jones has been torpedoed.

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One thought on “DJ’s South African rabbit: takeover bid leaves Myer in the lurch

  1. Flickknifetipsy

    As a migrant from South Africa I am very excited by the prospect of this take over and look forward to Woolworths transforming DJ’s into a store we can once again be proud of.
    The management of Woolworths is very responsive to customer feedback. 30 years ago I mentioned to the buyer that their maternity wear was frumpy in extreme – that department was made over. Another time I was on a fruitless search for little girl’s ballet tights, there were none to be had in Cape Town. Coincidentally there was a management posse touring the shop floor. I interrupted them and pointed out that given the popularity of ballet among little girls, they should at least stock the tights – they did!
    Never in all my years shopping at Woolworths in South Africa or Country Road here, have I ever Here is a poem about boys:witnessed a manager berating or being abrupt with a sales assistant. Unfortunately, I have witnessed management at DJ’s treating sales assistants with contempt.
    Some years ago a family member worked at DJ’s as a Christmas casual, giving me insight into the nitty gritty. I have not been surprised by the decline in DJ’s fortunes. Before my family member took up the casual position, I was warned that the atmosphere among staff very unpleasant and was likened to a nest of vipers.
    If Woolworths brings their culture to DJ’s, morale from bottom to top will improve, their frontline staff will be properly valued and sales will take off.

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