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Australian Geographic likely to close 67 stores by early 2017

RBR Staff Writer Published 11 July 2016

Retail chain Australian Geographic is set to close all of its 67 stores by early 2017 due to increasing losses.

The retail chain has been facing tough competition for quite some time now through online retailers.

The Myer family from Melbourne started the company in 2007 with the same name and it has owned Australian Geographic and now sources say that the family has ‘given up’ on the retail chain of stores.

Reports also suggest that the family has been in talks with several businesses for merger, but without any success.

Australian Financial Review reported that Australian Geographic Retail had started a process recently which will likely be a controlled exit from its retail business during the first half of next year.

Australian Geographic operates in the category in toys, gadgets, books and licensed products where there is intense competition from online retailers and from other discount providers.

It has also been noted that Australian Geographic will be operating until the last day, as other alternatives are being pursued.

Some sources have also claimed that the Myer family is in talks with competitors to sell individual stores to them, as the family wants to harness as much as brand value as possible.

A company's spokesperson said that employees would receive all their entitlements and noted that Australian Geographic magazine, as it is run separately, would not be affected by the closure.

According to the financial statements of Australian Geographic, the losses for 2014-15 stood at AU$3.34m ($2.53m) and for 2013-14 it was AU$2.54m ($1.92m).