Myer Holdings is having its worst day on the stock market - ever.
It is also sitting in last place on Thursday morning, as the worst performing stock on the ASX 200.
Shares in the department store company plunged by 10 per cent to a record low of 73.5 cents this morning.
Investors dumped their Myer shares after the company released an announcement to the market containing several items of bad news.
These include a profit downgrade, the sudden departure of its deputy CEO Daniel Bracken, and write-offs for its Topshop, Topman and sass & bide assets.
Profit downgrade
The company has cut its after-tax net profit forecast (for the 2017 financial year) to a range between $66 million and $77 million - excluding "pre-implementation costs and significant items".
Those pre-implementation costs will be between $18 million and $20 million.
Back in May, Myer had forecast a slightly more optimistic profit that would be "higher than $69.3 million".
As for the reason behind the profit downgrade, Myer cited "continued weakness in retail trading conditions."
The significant items weighing on Myer's balance sheet are its investments in a number of troubled fashion brands.
Fashion troubles
The company has decided to write down the full carrying value of its 20 per cent stake in Austradia Pty Ltd - the local franchisee of British fashion retailer Topshop.
Austradia previously appointed voluntary administrators in May.
The company also said it had been "unable to secure a deal on acceptable commercial terms" with Arcadia Group (the UK-based parent company which owns Topshop) to "allow for the continuation of Topshop/Topman concessions in Myer".
In regards to sass & bide, Myer said the fashion brand "has been challenged during the past year" and, despite its best efforts, there will be a $38.8 million impairment on the struggling label.
Deputy CEO resigns
Myer did not provide a reason why Mr Bracken left the company.
Mr Bracken also held the role of chief merchandise and customer officer.
He worked for Myer over the past two-and-a-half years, and was credited by the company with playing "an instrumental role in developing New Myer" (which is Myer's turnaround strategy) and the "introduction of new brands to Myer".
