Myer has cut about 80 jobs, including many from middle management, at its Melbourne head office.
Fairfax Media reports that about 80 positions went as a part of a restructure under new CEO Richard Umbers.
Myer posted a grim half year earnings report in March, showing profit down 23%.
Umbers, who has replaced Bernie Brookes in the top retailing job, says the old strategy didn’t work.
He promised: “Our new strategy to bring the love of shopping to life will be guided by a clear vision and a plan to win back market share, to respond faster to change and deliver a sustainable recovery in earnings.”
Myer shares today closed down more than 1% to $1.46.