Premier Investments has continued its controversial campaign to remove Myer's board.
The statement follows the release of Myer's H1FY18 results.
"The result provided further evidence, if any was needed, that the Myer board should be removed and replaced as soon as possible if the company has any hope of surviving.
"Among the terrible news announced today, our fellow shareholders should take particular note of the $538.2 million write-off taken by the board and it's relationship to Myer's debt covenant triggers. At best it's curious. It's certainly unsustainable.
"The abandonment of the new performance targets for management that were only re-set at Myer's Strategy Day in November 2017.
“If the board is not holding management to account, what are they doing? They have clearly surrendered their responsibility to shareholders.
"The end of dividends, as Premier predicted. They will not return under this board. Any shareholder who wants to ever be paid a Myer dividend again must help us remove this board.
"Meanwhile, Mr Hounsell, who is not qualified for the role, is paying himself $1 million per annum to be executive chairman amid the carnage he and the board are creating for shareholders."