The ASX has revealed that Australian department store Myer will be removed from its top 200 benchmark index following further trading woes.
Myer was revealed as the second-worst performer in the ASX 200 list over the past 12 months and will subsequently be removed, effective March 19.
The news comes less than a month after its CEO Richard Umbers announced he would be stepping down from his position.
Myer continues to battle issues from both retailers and investors, with PAS Group blaming the department store for its recent sales slump.
Reduced concession sales and lower foot traffic were attributed to dip in Pas Group, despite positive sales growth coming from new stores which included eight David Jones concessions.
Solomon Lew is also continuing his war against on the Myer board, stating it must be "cleaned out."
"It is now clear to me that the entire Myer board must be cleaned out if the company is to have any chance of surviving. Premier has no interest in working with any of the current Myer directors, nor in doing any form of deal with the current Myer chairman or board."