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Myer suffers $172.4MILLION losses as department store's sales take a massive plunge 

Myer has suffered a $172.4million loss as the coronavirus pandemic takes its toll on the department store.

Total sales fell by almost 16 per cent in the year to July 25.

Myer chief executive John King confirmed his Australian Securities Exchange-listed company received $93million from taxpayers in $1,500 a fortnight wage subsidies.

In March, Myer closed its 60 stores and stood down 10,000 staff. 

Online sales increased by 61 per cent as shoppers ordered more from the store while stuck at home in lockdown. 

Myer has suffered $172.4million losses as the coronavirus pandemic takes its toll on the department store

Myer has suffered $172.4million losses as the coronavirus pandemic takes its toll on the department store

More to come. 

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