19 Curious Planet stores close in another blow to retail
A HORROR start to the year for retailers is continuing, with shock news 19 Curious Planet stores across Queensland will close their doors.
Curious Planet stores, formerly known as Australian Geographic or My Geographic, will close after administrators received "no viable offers" in the sale of the troubled business.
Dozens of staff at 19 stores across the state have been told they will be out of work in the next six to eight weeks.
All 63 of the company's Australian stores will close.
Curious Planed is a branch of The University Co-operative Bookshop Limited, known commonly as Co-op Bookshop.
The company appointed administrators Phil Carter, Andrew Scott and Daniel Walley of PwC in November, with about $15 million of debt on its books.
Australian Geographic, founded by businessman Dick Smith, trades online and is unaffected by the closures.
Administrators were looking for a buyer of the Curious Planet business, but said in a statement this week "no viable offers" had been received following a "comprehensive sale campaign".
Staff were informed all Curious Planet stores would close before mid-March.
"A number of discussions have been held and are still ongoing with interested parties; however, no acceptable offer to purchase some or all the Curious Planet store network has been forthcoming," Mr Scott said.
"While we remain open to offers from potential purchasers, we have no option at this time but to commence the orderly closure of the stores.
"We have continued to trade the Curious Planet stores during the Christmas shopping season and intend to keep the stores open in the immediate term to ensure that consumers have the opportunity to purchase discounted items that are currently on sale."
- Browns Plains
- Hervey Bay
- Mt Gravatt
- Mt Ommaney
- North Lakes
- Pacific Fair
- Queens Plaza