The owner of Australian department store Myer made it through the depression without a single layoff! See how he did it

The owner of Australian department store Myer made it through the depression without a single layoff! See how he did it

Sidney Baevski Myer (born Simcha Myer Baevski) was born in Krychaw (Krichev), Mogilev Governorate, Russian Empire. He migrated to Melbourne in August 1899 with precious little money and little knowledge of English to join his elder brother, Elcon Myer who had left Russia two years earlier. He became a businessman, best known for creating Myer, Australia's largest chain of department stores.


Myer was a violinist and enjoyed music. He established free, open-air concerts with the Melbourne Symphony Orchestra in 1929. These concerts were very popular and well attended by Melbournians.


When the Depression of the 1930's hit, Myer felt he should contribute something to the community that had helped him achieve his business success and grow his personal fortune. He decided not to lay off workers in his Department Store.


Instead, he cut the wages of all staff, including his own. He also created employment opportunities in the form of relief work, which he personally funded with a sum of £22,000. He also financed a Christmas dinner for 10,000 unemployed people at the Royal Exhibition Building, and had a gift for every child.


Myer's will was worth £922,000. His funeral was attended by approximately 100,000 people. A tenth of his estate was used to establish the Sidney Myer Charitable Trust, now known as the Sidney Myer Fund, to continue the tradition of philanthropy started by it's founder.


(Source)





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