Myer Demoted from ASX 200 Index

After years of falling stock price, Myer has finally been dropped off the ASX 200 index.

The department store, which has seen its shares declining by at least 85 per cent since November 2009, will be booted from the benchmark effective March 19.

Myer, which at its peak was worth $2.4 billion, saw its share prices drop to 44 cent on Friday morning following the announcement, valuing the company at $363 million.

The retail giant has been struggling with increasing local competition as well as the arrival of Amazon in Australia. Last month, chief executive Richard Umbers was forced to resign due to poor sales performance.

Premier Investments chief Solomon Lew, who owns 11 per cent of Myer, is also expected to make moves to oust the current board.

Myer was demoted along with media company HT&E, formerly known as APN News & Media. Taking their places were accounting software company Xero and food company Bellamy’s Organic.