The guts are dropping out of Myer and Premier Investments’ No.1 publicly stated reason to do a deal – Premier’s margins – but the transaction will still go ahead. Myer’s shareholders have already voted with their feet because, sadly, they have no other choice.

Years of neglect at Myer – flogging off assets, underinvestment in online shopping and distribution centres, management turnover – are coming home to roost. When Myer couldn’t stop billionaire Solomon Lew getting a grip on the company, missed its chance to force industry consolidation and wasn’t bold or cashed-up enough to close stores, its future was always going to be in Lew’s hands.