Solomon Lew's retail group Premier Investments has stepped up its attack on Myer, claiming shareholders have lost more than $2 billion in funds since the department store listed on the share market.
Mr Lew is chairman of Premier Investments, the parent company of Smiggle and Peter Alexander and Myer's largest shareholder, and is leading a campaign to overhaul Myer's board.
Myer has said it has tried to have constructive dialogue with Mr Lew and his company since May, but with no success.
It is also concerned that the appointment of Premier directors to its board would create a conflict of interest, given Premier is one of Myer's biggest suppliers and competitors.
Premier replied on Wednesday with a press release that featured a graph comparing the share price performances of Premier and Myer.
It shows Myer shares were worth $4.10 when the company listed in October 2009, and have dropped 82 per cent to the 75 cents they were trading at on Tuesday.
In the same time, Premier shares have gained 62 per cent.
"The numbers don't lie," Premier's statement said.
"More than $2 billion of Myer shareholders' funds destroyed.
"Myer shareholders want change, not more of the same."
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