Myer Holdings Ltd announced that it would not proceed with plans for the new Hunter store, during its half yearly financial update on Thursday.

The company's net profit after tax has dropped by 23.1 per cent in the past six months.

"A proposed store at Green Hills in New South Wales will no longer proceed," a statement released on Thursday morning noted. 

"A review of Myer’s strategy continued during the half and was accelerated towards the end of the period.

"This work is ongoing with a view to positioning the business for a sustainable and profitable future."

More in tomorrow's Mercury.

EARLIER: The possibility of a Myer store at Green Hills could become clearer when the company releases its half yearly financial results today.

Myer Holdings Ltd announced a strategic review of operations and the appointment of a new CEO and chief financial officer earlier this month.

The company had previously said that it would open a store at Green Hills in the 2017-18 financial year.

But the Mercury understands that Myer has not yet signed a contract to put a store in the renovated Stockland shopping centre.

When asked this week whether the company’s strategic review would affect the possibility of a new store at Green Hills, a spokeswoman declined to 

comment until after the half yearly results were announced.

“Myer will announce half year results on March 19,” she said. 

“We cannot provide an update on any store ahead of that time.”

A Stockland spokesman directed questions about plans for a Myer store at Green Hills back to Myer.

He said Stockland would pursue another department store chain, other than budget department outlets such as Big W and Kmart, to fill the space if a deal was not brokered with Myer.

“Stockland is involved in ongoing discussions and negotiations with a number of national and international brands to fill the last remaining space that will be available as part of the centre’s planned expansion,” the spokesman said.

“As part of our development application to Maitland City Council, we have previously made provision to include a Myer store at Green Hills.

“We have advised Maitland City Council that we may need to modify the DA based on the outcome of negotiations with other retailers.”

Council approved Stockland’s development application for a multi-million dollar upgrade to the site, which would increase the gross leasable area from 33,000 square metres to 70,000 square metres.

The redeveloped centre will include Big W, Coles, Woolworths, a new Target and 140 extra specialty stores.

It will also include a cafe court with a garden courtyard to front Mitchell Drive.