Worldwide financial issues have forced retail icon Myer to withdraw its Macquarie Street store from sale.
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The Dubbo Myer building was listed on the market in August along with the Wagga Wagga and Bendigo stores.
But Myer executive chairman, Bill Wavish, said it was more sensible for shareholders for the store to be taken off the market, in light of the current financial climate.
“Potential buyers would have been nervous at this stage,” Mr Wavish told the Daily Liberal. “As you have no doubt read with the current economic climate we decided to withdraw it from the market.”
In August the retailing giant said it would lease back the building after their sale for a period of at least 15 years.
Mr Wavish said the Dubbo store could go back on the market but details were unclear at the present time.
The company had also intended to undertake major refurbishments of the store, however Mr Wavish said he was unsure whether those plans would go ahead.
The sale of the Dubbo, Wagga Wagga and Bendigo store was planned to divest Myer of its remaining freehold property as part of a strategy favouring leasehold.
Together the three stores were expected to make more than $50 million.
Myer said it was pleased with the decision to withdraw all the stores from sale.
belinda.galloway@ruralpress.com
