Highlights

• Myer Holdings (ASX:MYR) has a concession relationship with Cue Clothing and Veronika Maine.

• Cue entered receivership and voluntary administration in mid-September 2026.

• Myer does not separately disclose the contribution from individual concession partners.

• Continuity of trading and any store-level changes depend on the receivership process.

Myer Holdings Limited (ASX:MYR) is facing fresh scrutiny after concession partner Cue Clothing Co and sister label Veronika Maine collapsed into receivership on 15 September 2026, with FTI Consulting appointed receivers and managers and BDO's Duncan Clubb and Shaun McKinnon named voluntary administrators. Cue operates concessions inside Myer and David Jones stores among its 69 sites across Australia and New Zealand. The collapse of a long-standing concession partner has turned attention to how exposed Myer is to Cue's fortunes, just over a week before the department store group reports its full-year results on 23 September.

How Myer's concession model works

Concessions are a significant slice of Myer's business. In fiscal 2025, concession sales across Myer stores totalled $839.1 million, or 22.8 per cent of total sales. Because concession operators such as Cue own their own inventory and Myer acts as the selling agent rather than the owner of stock, Myer books only its commission rather than the full sale value, recognising just $192.5 million of that $839.1 million as revenue. Myer does not separately disclose how much of that figure came from Cue or Veronika Maine specifically, and its public filings do not detail the termination rights attached to individual concession agreements, leaving the company's practical financial exposure difficult for outside observers to quantify precisely.

A Brand under pressure since Hilco's ownership

Cue, founded in 1968, is owned by turnaround investor Hilco Capital, which put the label up for sale in August 2026 through an FTI Consulting-run process, with receivers later citing overhead costs that outweighed improved sales as a Factor in the group's difficulties. Chief financial officer Josephine Barbaro and chief executive Melanie Remai both departed during the sale process, having spent less than two years at the company between them. With no trade buyer secured, Cue and Veronika Maine tipped into formal receivership and voluntary administration this week, though the brands are continuing to trade while receivers assess restructuring Options and pursue a going-concern sale.

Why the timing matters for Myer

The receivership lands awkwardly for Myer. That preliminary update, released 27 July 2026, put full-year sales at $4.089 billion, up 11.3 per cent on an actual basis but only 0.3 per cent on a like-for-like pro forma basis once a full year of Premier Investments' Apparel Brands was included. It also flagged Margin pressure, with operating Gross Profit estimated at 39.2 to 39.3 per cent of sales, down from 40.3 per cent a year earlier, a gap put at roughly $41 million to $45 million and attributed to heavier promotional discounting amid cautious consumer spending. Myer's audited full-year results are due on 23 September, and investors are expected to watch closely for any provision, disclosure or commentary relating to Cue.

Key Insights

Myer has made no public statement directly addressing the Cue and Veronika Maine receivership, and it remains unclear whether the concession arrangements inside Myer stores will continue uninterrupted, be varied, or wind down if a going-concern buyer cannot be found. Receivers have said a sale process will begin immediately, and its outcome — whether a trade buyer emerges, the labels are broken up, or stores close entirely — will shape how much disruption flows through to Myer's own store network and reported concession income over the coming months. Myer's 23 September results, alongside further updates from FTI Consulting on Cue's receivership, will be the next scheduled opportunities for clarity on both fronts.