The Australian Geographic retail chain is set to disappear within the next year unless a new owner is found for the loss-making venture. The 67 stores which specialise in educational toys, scientific gadgets, globes and telescopes was once generating close to $50 million in sales a year but have been hit hard by competition and online retailers. 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, according to the Australian Financial Review. The family has offered the business to potential buyers without success, the AFR reports, leading to plans for it to be wound down.  
Negotiations for lease take-overs have reportedly suggested a   March 2017 deadline. An Australian Geographic spokeswoman told the AFR that alternatives to a closure would continue to be considered and it would be "business as usual" until stores closed their doors. Australian Geographic Retail had "recently begun a process which will likely lead to a controlled exit from its retail business during the first half of 2017," the company told the AFR. "AGR operates across some of the most competitive retail categories in toys, gadgets, books and licensed products. It is well known that these categories have experienced difficult trading conditions with significant competition from both online and discount channels."The spokeswoman said all staff would receive their full entitlements. Australian Geographic magazine is run separately to the stores and won't be affected by closures. The AFR reported that financial accounts lodged by Australian Geographic Retail show it ran at a $3.34 million loss in the 2014-15 financial year and a $2.54 million loss in 2013-14. BusinessDay