National retailer set to "shut doors within a year"

AUSTRALIAN Geographic retail stores could be closed within in a year according to southern media.

Melbourne's Myer family, which founded the department store of the same name, has owned Australian Geographic since 2007 through its investment vehicle but has decided to exit the venture, the Australian Financial Review and Brisbane Times reported.

They said the family has offered the business to potential buyers without success leading to plans for it to be wound down and negotiations for lease take-overs have reportedly suggested a March 2017 deadline.    

Meanwhile an Australian Geographic spokeswoman told the Australian Financial Review that alternatives to a closure would continue to be considered and it would be "business as usual" until stores closed their doors. 

There's 67 Australian Geographic stores around the country.

Topics:  business closure shop

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