1. Market Data
July 10, 2016

Australian Geographic Retail to close 65 outlets by early 2017

Science and retail brand Australian Geographic Retail (AGR) has started to close its 67 outlets.

Science and retail brand Australian Geographic Retail (AGR) has started to close its 67 outlets.

AGR owner Myer Family Investments (MFI) intends to close operations of the loss-making brand.

The brand will completely close down all its outlets in early next year.

"This move will not affect the Australian Geographic magazine, which operates as a separate entity from the retail brand."

MFI acquired the chain in 2007; but the brand slipped into losses as a result of growing competition from retailers such as Kmart.

However, this move will not affect the Australian Geographic magazine, which operates as a separate entity from the retail brand.

The stores sell items such as science equipment, telescopes and toys.

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Myer Family Investments manages several investments across different segments, and operates Myer department stores separately as a public company.