Myer and David Jones are yet again fighting for relevance and, more importantly, survival.

Myer is counting on Christmas cheer to validate its decision to expand a speciality apparel portfolio after reversing plans to divest the three struggling brands it owned.

Following a strategic review of Sass & Bide, Marcs and David Lawrence, Olivia Wirth, Myer Group executive chair, decided a merger with Solomon Lew’s apparel brands was a better idea. At least it was a plan though, even if ill-conceived.

David Jones, meanwhile, has continued to record losses under Anchorage Capital Partners. Although Anchorage claimed there was a plan dubbed Vision 2025+ and funding to implement it, there is little to show for it beyond mounting trading losses, a mountain of debt, a flight of prominent brands, and a queue of suppliers pursuing overdue payment.

There have also been reports that insolvency firm McGrathnicol was brought in, although Anchorage has denied that the firm was appointed.

Anchorage famously acquired Dick Smith in 2012 from Woolworths, which had done most of the restructuring ahead of that sale, to list the electronics chain on the stock exchange a year later.

Dick Smith’s December 2013 float valued the company at approximately $520 million. Its prospectus provided for approximately $358.1 million in cash consideration to Anchorage, which would retain a 20 per cent shareholding.

Ironically, it found another willing Woolworths buyer in a retail chain willing to pay a bargain price.

The South African Woolworths Holdings, which again had already made some of the tough decisions needed at David Jones, sold the department store group to Anchorage for around $100 million.

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