Richard Umbers: The company announced a $221 million entitlement offer to retail and institutional investors at 94 cents per share to fund the new strategy and reduce debt, according to Nine News Australia. In statements released today, CEO Richard Umbers said the company wanted to bring the love of shopping to life and build on the company proud heritage. Myer has announced a new strategy to attract customers, simply called "New Myer", after suffering a decline in full-year after-tax profit of $68.7 million. We are investing in New Myer over the next five years to deliver a fresh interpretation of our brand, a re-energised and relevant range, improved service and in-store experiences complemented by a strong Omni-channel offer, the statement read. Myer net profit after tax was $29.8 million for the year to July 25, a 69.7 percent decrease on the previous year.© ninemsn 2015finance National Email your news tips Do you have any news photos or videos Property news: Will buyers worship heaven sent property - realestate.com.au Career news: Why career success could be right beside you - news: New York 'Sky Garage' takes parking to the next level - realestate.com.au Career news: Do you really truly want to be a leader - seek.com.au He said the new strategy comes off the back of the introduction of new brands TOPSHOP, TOPMAN, Seed, French Connection and Nine West and improvements in store layout and the online store.
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