Australian Geographic Heading For Closure
The Australian Geographic is set to make a ‘controlled exit’ from the retail business during the first half of 2017.
The chain currently operates 67 stores but has struggled in recent years due to the rise of online competitors, reporting a 3.34 million loss in the 2014-15 financial year.
A spokeswoman told the Sydney Morning Herald alternatives to closure would be considered and that it would be “business as usual” until then, with staff expected to receive full entitlements.
The Myer family took ownership of the business in 2007 but after failing to sell of the business plans have been made to bring the venture to a close.
The Australian Geographic magazine is not expected to be affected by the closures as it is run separately.