The Co-op buys Australian Geographic stores
The Co-op has bought the Australian Geographic retail chain from its owner, Myer Family Investments.
The Co-op will take over the chain’s 66 stores and its online shop on 5 September.
The Myer family has owned the business since 2007. In July, Fairfax reported that the Myer family had put the business on the market.
In a statement, Co-op CEO Thorsten Wichtendahl said the deal was a ‘historic milestone’ for the company. ‘The addition of 66 shopping centre locations to our existing network allows us to better reach customers of all ages and takes us much closer to fulfilling our goal of being the lifelong learning partner for Australians,’ said Wichtendahl.
The company said the acquisition will allow the Australian Geographic retail chain ‘to access an enormous and likeminded member base whilst creating cross promotional opportunities that will benefit customers of both brands’.
Category: Local news