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The Myer retail group was founded by Sidney Myer, who migrated from Belarus to Melbourne in 1899 after the height of Victoria's gold rush, with very little money and little knowledge of English to join his elder brother, Elcon Myer (1875–1938), who had left Russia two years earlier.
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On 13 March 2006, Coles Myer announced it would sell Myer to a consortium controlled by US private equity group Newbridge Capital. The consortium also included the Myer family, who held a 5% stake. The sale was completed for A$1.4 bn on 2 June 2006. [14] Coles Myer changed its name to "Coles Group Limited" in November 2006. [15]
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In June 2023, a $15.5 million sale of the chain's name and intellectual property to New Jersey–based Dream On Me was confirmed. [16] Dream on Me also bought the leases to 11 Buy Buy Baby stores, which it plans to reopen, followed by up to 120 stores within three years. [17] Buy Buy Baby's website is also expected to reopen. [18]
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