Australian Geographic Set To Close Which Is Bad News For The Rubix Cube Biz

Bad news for those of you who actively enjoy tiny telescopes, hats with Ken Done-style koala prints on them, or tiny infuriating little science puzzles that you never take out of the box.
The Australian Geographic chain of stores looks set to close down for good, with the sandalwood-smelling retailer to exit the market within a year unless a suitable buyer can be found for the loss-making business.
The chain currently has 67 stores still operating throughout Australia, including a swathe that have served as fixtures of various major shopping centres.
The business is currently owned by the powerful Myer family, who purchased the business outright in 2007. But whilst, at its peak, the company was generating some $50million a year in sales, its fortunes have significantly dipped thanks to stiff competition and an inability to hang with online retailers. The company returned overall losses of $3.34million and $2.54million across the past two financial years.
The Myer family had shopped the business around to potential buyers, but has been so far unable to secure one, leading to the plans to wind the business down outright. Lease takeover negotiations suggest that the stores could be completely gone by as late as March 2017.
The retail company has already begun “a process which will likely lead to a controlled exit from its retail business during the first half of 2017.” A spokesperson for the company confirmed that remaining staff would receive all entitlements.
The Australian Geographic magazine is run by a different corporation to the retail chain, and will not be affected by the closures.
Better grab all those tasty souvenirs while you still can, folks. Cheap rubix cubes for all!

Photo: Australian Geographic/Instagram.

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