Unless someone buys the business in the next year, we can say goodbye to the 67 iconic Australian Geographic science stores around the country.
They used to be the place to pick up a microscope, science kit or globe, generating almost $50 million a year in sales. But online retailers and other competition saw the chain running at a $3.34 million loss in the last financial year.
Image: iStock
The Australian Financial Review reports the Myer family (who own the department store of the same name) is undertaking “an orderly exit” from the chain, which they have owned since 2007.
Some store locations are already being offered to competitors, with the entire business being unsuccessfully offered up for sale.
A spokeswoman for Australian Geographic told AFR staff and suppliers had been informed of the decision, and it will be “business as usual” until the exit is made.
The Australian Geographic magazine will continue as usual, with no plans to cease production.