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Myer may be planning to close stores

Australian retail giant Myer could close seven stores to help reignite sales growth, analysts say.

The department store chain has a number of underperforming stores that could be closed to simplify the business and improve its financial performance, Citigroup analysts said.

Myer has 67 stores across Australia, mostly in capital cities, but also in regional centres including Bendigo, Ballarat, Dubbo, Orange, Wagga and Mackay. Sales could also be boosted by lifting staff numbers and spending more on marketing, the Citi analysts said.