09:29

Department store chain Myer will close all its stores at close of business on Sunday for at least four weeks and stand down 10,000 staff, the company says.

The chain is a household name and an anchor tenant in some shopping centres, meaning its closure will be felt across the retail and property sectors.

“As team members will not be working, they will not be paid during this period of imposed closure,” Myer told the stock exchange.

“Full-time and part-time members will have greater flexibility to access their annual leave and long service entitlements, in addition to government assistance measures.

“Our thoughts are with our team members, and their families, as we know this will be a difficult period, and, in addition to offering free counselling and support, we will look at further ways to support their health and wellbeing during this time.”

Executives and the board will work without pay, it said.

The company was already under financial pressure, due to low consumer confidence, a shift to internet shopping and a legacy of private equity ownership that left it saddled with large bank debts.

