Premier Investments chairman Solomon Lew has issued a devastating takedown of Myer.
Premier is the largest shareholder in the department store, which today issued a full-year net loss of $486 million.
Lew has consistently blasted the Myer Board over the last 12 months.
Premier, which is seeking a Board overhaul, alleged chairman Garry Hounsell and his team have "bumbled along and taken their fee cheques" while shareholders suffer.
“Sales are down. Profits are down. Service levels are down. CODB has increased. Dividends have ceased," Lew said in a statement.
“The banks are now firmly in control of Myer – it will be run from now on by its bankers.
“The banks have taken a security charge in front of staff, suppliers, landlords and other creditors. This will further erode Myer’s goodwill with its partners. And interest costs are way up on the new loan facility, which will exacerbate the losses.
“The Board of Myer is an absolute disgrace.
“Garry Hounsell today admitted that Myer shareholders deserve better. For once, Mr Hounsell, we agree. Since Mr Hounsell took up his role, Myer’s share price has halved.
“Meanwhile, Myer shareholders have spent the last year paying for Garry Hounsell’s retail traineeship.
“Mr Hounsell must step down immediately or risk having his Board spilled by a strong shareholder revolt at the upcoming AGM.
“Premier will move forward to protect all shareholders, staff and stakeholders. We will not allow this failed Board of directors – some of whom are currently in front of the Federal Court for failing to act in best interests of shareholders – to run Myer into the ground.”