Coles Myer has put its troubled Myer department store chain up for auction.
The company announced that it had received informal inquires from up to 13 potential buyers for its 60 Myer stores, which some analysts estimate could fetch $500 million.
Founded by a Russian immigrant in 1900, Myer is a retail institution.
But its mid-range department stores have struggled against competition from discount and speciality stores as well as upmarket chain David Jones.
Coles Myer said last month it had appointed corporate advisers Carnegie Wylie & Co. to look at a potential sale.
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