Veteran retailer Solomon Lew has unleashed his views on what he really thinks about Myer, and the verdict?
"It's a basket case," he told Fairfax Media.
The trouble is that Lew is the largest shareholder in Myer and he refuses to give away any plans for what he is going to do about it.
He is clear enough about the fact that "we have a seat at the table somewhere on the corner of Pitt and Market streets" even though he hasn't asked for or been offered a board seat.
Rather he just sits on the sidelines watching the value of his 10.8 per cent investment decline precipitously.
While it's an unpleasant outcome for Lew and one he isn't happy to see unfolding, he quipped yesterday that, "it won't kill us".
Lew has bought himself an option for Myer's future - albeit one that is now looking expensive.
"Whatever happens at Myer we would like a seat at the table. Nothing will happen without us," he said.
But he remains "bitterly disappointed' with the department store.
He was particularly scathing of Myer's recent decision to create floors within their stores for discounted stock, some of which he reckons is three years old: "The Salvation Army wouldn't take in the stock", adding that one would be "horrified if you saw what was going on out there".
Lew points to the fact that Myer told the market in March there would be no more discounting.
In defending his move in March to buy Myer shares, he implied that in effect that he had been hoodwinked by the management's positive market statements that the department store chain was "on the up and up".
He said Myer made no mention at the time of the impending crisis with its investment in Topshop, which ultimately was placed into administration in Australia. Nor, says Lew, did Myer mention the extent of the troubles inside its Sass & Bide brand.
Asked if he thought Myer had breached any continuous disclosure provisions, Lew deftly skipped a response.
He revealed instead that he had been originally approached by Topshop in Britain about doing something with the Australian business at the same time Topshop spoke with Myer.
Lew went to the UK to meet Topshop's founder, Sir Philip Green, but rejected the opportunity to become involved in the Australian franchise. Myer mistakenly - with the benefit of hindsight - embraced the concept.
Lew was less prepared to say what happens next. The wily retailer appears to be keeping his powder dry for now - happy to shoot from the sidelines.
He suggests some of the problems stem from the fact that the chief executive is not a retailer and neither are any of the board directors and he noted that many experienced retailers have left the company.
"It has lost a lot of good retailers and is being run primarily by consultants. The business has got too much of what the consumer doesn't want," he said.
However, there is no point in Lew suggesting it can't be saved.
Lew sat in as a minority shareholder in Country Road for years of its underperformance before ultimately selling out for a good price. Since then the business has been revived.
He needs someone to take Myer out for a good price or do it himself - a move that carries plenty of risk.
Lew has both patience and determination.
"I am not in the business of losing money," he reminded analysts and media on Monday.
He may need to be prepared give that patience a good work-out.
It is widely believed Lew entered the Myer register in the belief that South African based Woolworths (the owner of David Jones) had been sniffing around Myer with an eye to a bid.
But right now David Jones has its own issues to deal with. The retail landscape in Australia is particularly difficult and both the department store chains are feeling the pressure.
(Lew's own Australian apparel brands also have had a soft six months with a couple of them reporting a sales decline for the 2017 year.)
It is easy to see why many players would not be looking to double down on their investment in the Australian clothing industry.
Indeed Lew's Premier Retail business has been somewhat sheltered thanks to its decision to aggressively expand internationally its successful stationery brand Smiggle.
