Australian Geographic to close 67 stores after losing almost $6 million in just two years

Australian Geographic stores may confront conclusion if another purchaser does not approach in the following 12 months to spare the sickly chain in the wake of losing practically $6 million in only two years.

The stores – which offer kids’ toys, telescopes, mechanical devices and Australian souvenirs – used to make $50 million worth of offers every year except the ascent of internet shopping has seen this figure exhaust.

The notable chain – which has 67 stores broadly – has been possessed by the Myer family, who begun up the well known retail establishment with their namesake, for a long time and they have chosen to proceed onward from the business, the Australian Money related Review  announced.

The family has been shopping the business around however are yet to discover a purchaser who go up against the wander, starting moves to close the chain

In an announcement to Day by day Mail Australia, Australian Geographic Retail said it had ‘as of late started a procedure which will probably prompt a controlled exit from its retail business amid the primary portion of 2017’.

A representative said while the business was unbeneficial, contrasting options to a controlled exit would keep on being considered.

‘Staff and providers have been educated of the choice. It will be the same old thing until the point when we exit and all staff will get their full privileges,’ the representative said.

The organization additionally said it worked over ‘probably the most aggressive retail classifications in toys, contraptions, books and authorized items’, as per AFR.

‘It is notable that these classifications have encountered troublesome exchanging conditions with noteworthy rivalry from both on the web and rebate channels,’ an announcement to the daily paper said.

AGR’s money related records demonstrated the business lost $3.34 million amid 2014-15 and $2.45 the prior year.

Leave a Reply

Your email address will not be published. Required fields are marked *