Myer has responded to Premier Investments chairman Solomon Lew's calls for the entire Myer Board to resign.
Following Premier Investments' increased investment in the department store, acting chairman JoAnne Stephenson has offered the firm Board representation.
"Acknowledging that Premier Investments has increased its holding in the Company to greater than 15% and the significance of this change, I have reached out to Mr Lew and look forward to constructive dialogue," Stephenson said in a statement.
"We will also be reaching out to other major shareholders.
"The Board is open to discussing appropriate Board representation of Premier Investments through nomination to the Myer Board," she said.
The contact with Premier comes after Lew slammed Stephenson and the Directors for not "bothering to pick up the phone to the company’s major shareholder," following Garry Hounsell's abrupt resignation last year.
However, Premier's representation on the Myer board won't come without serious discussion and resolution of any conflict, Stephenson said.
"We would need to be satisfied around any issues or potential conflict that Premier’s representation on Myer’s Board could create and whether they could be addressed through governance protocols or other means.
"We are keen to have Board matters resolved as soon as possible.
"The Board is focused on ensuring that John King and his management team are able to execute the all-important upcoming peak trading period without distraction," she said.
In addressing Lew's comments around Myer's "disastrous" performance, Stephenson added that the business is delivering good results despite the disruption.
"We have a well-articulated strategy in the Customer First Plan and it is delivering positive results, as seen at our 1H results despite the ongoing challenges that lockdowns and CBD traffic limitations present.
"Our balance sheet has been significantly strengthened through tighter inventory management and cash generation, we have improved our range of products, reduced space, significantly grown our online business, all whilst maintaining discipline over costs and capital expenditure.
"We have the right team and are well positioned to build on this to create value for all shareholders," she said.