Iconic retail chain Australian Geographic has been saved from closure.
All 67 adventure stores were likely to close by March 2017 after experiencing difficult trading conditions and strong competition from online retailers.
Melbourne’s Myer family, which founded the department store of the same name have owned the chain since 2007 but had reportedly “given up” on the business.
The family have since struck a deal with book retailer The Co-op to purchase the chain for an undisclosed amount.
The Co-op is Australia’s largest member owned retailer with over 1.9 million members, primarily made up of current and former university students who shop at their 63 campus stores and online.
To hear what Co-op chief executive Thorsten Wichtendahl has to say about the acquisition, click here.