Australian Geographic retail stores tipped to close

The loss-making Australian Geographic retail chain of 67 stores could disappear by March 2017.

The Myer Family Investments vehicle, owned by one of Australia's richest families, has owned the chain since 2007.

The Australian Financial Review said commercial property sources said individual store leases at some of the outlets were being offered to rival retailers as the Myer family tries to salvage some value from a retail business that had been generating annual sales of close to $50 million.

It is understood the retail chain has been quietly offered to potential buyers but that avenue has been largely unsuccessful, leading to plans for a wind-down of the business.