A massively popular Australian store is in BIG trouble and it looks set to shut it’s doors for good within a year if a new owner is not found.
The Australian Geographic retail chain has 67 stores nationwide which sell educational toys, scientific gadgets, telescopes and globes and back in its heyday the store was generating nearly $50 million in sales every year.
— #Ausbiz (@Ausbiznet) 11 July 2016
But those days are a distant memory now as competition and online retailers continue to make their mark on the store’s bottom line.
Figures show Australian Geographic Retail ran at a $3.34 million loss in 2014-15.
Staff have been assured they will receive their full entitlements.
Source The Age